04 October 2007 17:42 [Source: ICIS news]
NEW DELHI (ICIS news)--The Indian polymer processing industry is aiming to increase exports of plastic products to $4.1bn in the current financial year ending 31 March 2008 from $3.1bn in previous year, an industry official said on Thursday.
Polymer industry group Plastindia Foundation (PF) has targeted increased exports for 27 products including polyester film, master batches, polypropylene and polyvinyl chloride compounds, plastic woven sacks and polymer moulded extruded products.
According to PF president Arvind Mehta, the industry should focus on the top 20 countries whose polymer and plastic product imports currently aggregated to $257bn, such as the ?xml:namespace>
In a presentation to the government last week, PF president Arvind Mehta demanded a reduction in the aggregate of excise and valued added tax (VAT) from 30% on polymers to 15% to help the industry compete globally.
PF also requested the government to implement its proposal to set up technology upgradation fund to help the industry modernise and expand its units.
The industry, comprising 50,000 small and medium polymer processors, required a massive investment is projected at $9.5bn over the next four years.
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