Home / Knowledge / News / Textiles / India may recast inverted duty structure on petrochemicals
India may recast inverted duty structure on petrochemicals
26
Oct '12
On the back of disinterest shown by entrepreneurs to invest in Petroleum, Chemicals and Petrochemicals Investment Regions (PCPIRs) set up across India; the Indian government will cast a fresh look at the inverted duty structure prevalent now.

Under the current duty structure, whether it be naphtha and its downstream products like ethylene, propylene and benzene, all attract 5 percent duty.

“However, in cases where these imports are made from countries with which India has signed Free Trade Agreements (FTA’s), the duty on downstream products turns out to be much lower than those imposed on raw materials”, a top source in the Chemical and Fertilisers Ministry told fibre2fashion.

“The inverted duty structure turns in to a disincentive for petrochemical producers, who are shying away from making any new capital expenditure”, the source added.

The proposal to abolish inverted duty has been floating around for a long time and has been under consideration in the Chemicals Ministry and Planning Commission. It is now expected that in order that the sector attracts the targeted investment, the government may take a fresh look. 

Fibre2fashion News Desk - India


Must ReadView All

Courtesy: The White House

Textiles | On 21st May 2018

China, US put trade war on hold

Following weeks of uncertainty over imposition and counter-imposition ...

Equate posts best Q12018 results since inception

Textiles | On 21st May 2018

Equate posts best Q12018 results since inception

Equate Group's first quarter results for 2018 are the best since its...

Over 60% retailers already have IoT platforms: IDC

Apparel/Garments | On 21st May 2018

Over 60% retailers already have IoT platforms: IDC

Retail organisations are adopting IoT platforms and more than 60 per...

Interviews View All

Abhishek Samdaria
Reflete

GST will certainly reduce a lot of paperwork in future

Abhimanyu Singh Rathore & Barbara Anna Kosiorek
Kannbar

‘Blending cultures is the true beauty of fashion, where one’s imagination...

Headhonchos
Indian fashion industry

Organic the first choice of any environment-conscious person

Harsh Shah

Established in 1956 with a small beginning, Embee today manufactures a...

Rikesh Mistry

Jupiter Comtex Pvt Ltd, established in 1973, started its textile machinery ...

Nitesh Mittal

Kusumgar Corporates is a leading manufacturer of technical textiles and...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Divvya and Nidhhi Gambhir
Walnut

<b>Divvya and Nidhhi Gambhir</b> started their career with the launch of...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


May 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search