The Hindu Business Line : New petrochem policy aims at leap in plastic consumption

New Delhi April 12 The Cabinet today approved the National Policy on Petrochemicals which has set a target of threefold increase in domestic per capita plastic consumption from four kg to 12 kg by 2011 and increasing per capita consumption of synthetic fibres from 1.6 kg to four kg by 2011.

The new policy also proposes constitution of a Petrochemical Technology Upgradation Fund (PTUF) and a Plastic Development Council.

Speaking to newspersons after the meeting, the Minister for Information and Broadcasting, Mr P.R. Dasmunshi, said that as per the policy a task force on petrochemical feedstock would be set up.

It would suggest measures to ensure availability at internationally competitive prices for setting up of future cracker complexes.

There is also a proposal to set up an inter-Ministerial expert committee to recommend mandatory use of plastics in the several areas, he said.

In order to develop higher capacities in downstream plastic processing, the national policy envisages increasing the investment limit for SSIs from Rs 1 crore to Rs 5 crore while simultaneously removing plastic items from the list of items exclusively reserved for the sector.

One feature is the transfer of Plastics Export Promotion Council from the administrative control of Commerce Ministry to the Department of Chemicals & Petrochemicals.

More Stories on : Policy | Petrochemicals | Plastics

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