PlastIndia urges Centre to lower import duty on polymer | Exportify Pulse Edition - January 06, 2023

PlastIndia urges Centre to lower import duty on polymer

PlastIndia Foundation (a body of the major association, organizations, and institutions connected with plastics) has asked the Government to lower import duty on polymer and increase the custom duty on finished plastic products in the Union Budget 2023-24.

In his pre-budget expectations for the plastic and polymer industry, Jigish Doshi, President of PlastIndia Foundation, said the import duty on polymer should be between 5-7.5 per cent.

Stating that import is inevitable as India does not produce enough polymer, he said import duty needs to be lowered to make the Indian plastic industry more competitive.

Custom duty on the finished plastic product should be a minimum of 20 per cent or more to support the domestic plastic processing industry, he said.

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India’s toy exports surge but still 200 times smaller than China’s

The scale of exports by India is still miniscule and about 200 times smaller than that of China’s.

Amid the COVID-19 pandemic in August 2020, Prime Minister Narendra Modi exhorted that India can become a global toy hub. In July 2021, he rued the fact that about 80% of the toys were imported, with crores of rupees going abroad, calling on people to be “vocal for local toys”.

In July 2022, he announced that India’s exports of toys surged from ?300-400 crore to ?2,600 crore, a boost that “no one could have imagined.” Beyond an increase in exports, Mr. Modi also said that imports of toys, which used to be over ?3,000 crore, has fallen by 70%, signifying a drop in India’s reliance on foreign-made toys — especially from China.

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India set to sign deals to secure fertilizer imports

Indian fertilizer and chemical companies have also accelerated investments in several mineral rich North African nations so as to hedge against price spirals and volatility.

?India is on the verge of signing long-term deals with several countries to secure fertilizer imports, critical for food security amid increasing geopolitical uncertainties , a government official said, requesting anonymity.

Union chemicals and fertilizers minister Mansukh Mandaviya is set to travel to Morocco this month to finalize a memorandum of understanding between the two countries for supply of critical raw materials at steady prices, a senior official has said.

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Indian exports will be moderately impacted by weak global demand in 2023: GTRI

The Global Trade Research Initiative (GTRI) said that in 2022, India will pay USD 270 billion in imports of crude oil and coal, which is about 40 per cent of total merchandise import bill.

The Indian economy and exports will be moderately impacted in 2023 by weak global demand and recession in large economies and to improve its current account, the country should aim at reducing energy import bill, economic think tank GTRI said on Tuesday.

The Global Trade Research Initiative (GTRI) said that in 2022, India will pay USD 270 billion in imports of crude oil and coal, which is about 40 per cent of total merchandise import bill.

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Editor's Note

Some supply chain managers are wary of shifting trade back to West Coast ports.

• CNBC’s supply chain survey shows logistics managers are concerned about major issues at West Coast ports.
• Nearly a third of logistics managers at major companies and trade groups say they do not know how much trade they would return to the West Coast after a key labor deal is reached.
• Of those surveyed, 49% said they did not divert trade, compared to 40% who said they did.

Source:?https://www.cnbc.com/