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Key petrochemicals in for waiver or reduction of import duty
06
Mar '09
The government in the past few months has announced sops, virtually for most of the sectors, but one sector, which has been impacted the most, has not got its due from these recently announced stimulus packages; the dye, chemical and petrochemical sector.

This sector has been affected the most due to the drastic fall in raw material prices, more so crude oil which fell from a peak of US $147 per barrel to just under $40 per barrel in January, which also led to crash in raw material as well as finished goods prices.

The manufacturers in the sector were left holding high priced finished stocks, the prices of which were falling with each passing day, leading to massive losses to the players in the sector. But now they are about to get a reprieve from the government.

There is a distinct possibility of waver in the 5 percent import duty on naphtha and a reduction in duties of Monoethylene Glycol (MEG) to 4 percent from the current 8 percent.

Fibre2fashion News Desk - India

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