Plastics units appeal for sops

Due to diminishing demand in the Rs 25,000 crore plastic processing industry, many industrial units in this segment will become non-performing assets and will face at least 40% to 50% of job losses. This was stated by the members of All India Plastics Manufacturers’ Association (AIPMA) while addressing a conference titled `Global Economic crisis affecting plastic industry’,held here.

While addressing the conference, AIPMA appealed to the finance ministry, commerce ministry and the parent ministry of plastics industry to consider and approve various demands which will save the industry from losses.It includes among other encouraging imports of raw material and finished goods of plastics as they are cheaper. Also, reducing excise duties from 14% to 8% on polymers and articles of plastic is imperative so that investments by domestic players come down.

According to Kailash Murarka, president, AIPMA, “The Chinese government provides 9% subsidy to exporters of plastics from China to other countries.

To read the full article, click here..
To read the ePaper, visit:
http://epaper.financialexpress.com/FE/FE/2008/11/18/index.shtml