Financial Daily from THE HINDU group of publications
Friday, Feb 10, 2006
Financial Daily from THE HINDU group of publications Friday, Feb 10, 2006 |
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Industry & Economy
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Plastics Government - Policy Govt plans plastic innovation park with private partnership Our Bureau
Mr Kapil Sibal
New Delhi , Feb. 9 THE Union Minister for Science and Technology, Mr Kapil Sibal, has mooted the idea of setting up a `Plastic Innovation Park,' which could be launched in collaboration with the private sector players, to carry out research and development and bring about greater efficiencies in the use of plastics through other innovations. While speaking at the inauguration of the PlastIndia 2006 event, he said, "We want to set up a plastic innovation park in collaboration with the industry and the Council of Scientific and Industrial Research (CSIR)". Mr Sibal said the idea was still in a nascent stage, and that he could not spell out any further details regarding the location, but urged the PlastIndia Foundation to partner with the Government in establishing the park. "It will be an ideal example of a public-private partnership," he said. The Minister added that the Government would act as a facilitator for the development of the plastic industry. Also present on the occasion, was the PlastIndia President, Mr Mahesh Shah who sought incentives including tax reduction for boosting domestic production and exports. "The total tax burden comes to about 30 per cent compared to 17 per cent in China. This high tax incidence reduces our cost competitiveness," Mr Shah said. The plastics industry is growing at a rapid pace and the domestic consumption is likely to triple in the next five years to 12 million tonnes per annum from the current 4.5 mt, Mr Kamal P Nanavaty, President of Reliance Industries' cracker and polymer division, said. The six-day-long conference has about 1,300 participants, including 300 foreign exhibitors from 30 countries.
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