To catch up world’s fast growing economy, the Government of India envisioned for vibrant Chemicals and Petrochemicals industry. India is a net importer of Chemicals and Petrochemicals.
The gap of domestic demand and supply Petrochemicals is being bridged through imports. investment in the sector, there had been a need of spread in duty of Chemicals and To attract structure of raw materials and intermediates/finished products.
With this intention the duty structure support is provided for crucial Tariff Lines to become domestic Petrochemical industry, globally cost competitive and to become Chemical and Aatma Nirbhar Bharat.
Chemical and Petrochemical industry has been demanding since long back for reduction in import duty on feedstock such as ‘Naphtha’ to become globally cost competitive for production of Chemicals and Petrochemicals.
This long standing demand has of by the Government in the budget 2021- 22. The industry associations of been taken care Chemicals and Petrochemicals have termed this Union Budget as forward looking and growth oriented budget.
Government has announced opening up of seven mega textile parks in the country to boost the textile industry. The world is looking for sourcing of textile products from India and buyers will be happy to find alternative to source the product from India rather than focusing of these products from China and other South East Asian countries.
This will support entire textile value chain including manmade fiber as a component of value chain by having efficient supply chain and infrastructure made available in these textile parks.
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