The Plastics Export Promotion Council of India (Plexconcil) has put forward an extensive set of recommendations for the upcoming union budget 2024-25, advocating for an increase in the basic customs duty (BCD) on imported value-added plastics.
Sribash Mohapatra, Executive Director of Plexconcil, informs that the initiative is designed to strengthen the domestic plastics processing sector, stimulate export growth, and lessen dependency on imports.
The proposal aims to support employment throughout the value chain and advance import substitution goals, thereby enhancing the production of high-quality ‘Made in India’ products.
To further enhance the Indian plastics industry, the council has suggested simplifying MSME schemes via online platforms and ensuring access to affordable raw materials.
As reported by thehindubusinessline.com, additional key recommendations to boost exports and support MSMEs include offering reduced electricity rates for MSME manufacturing units, encouraging the creation of dry port facilities in landlocked states, and providing affordable warehousing near ports. The council also proposed reviewing free trade agreements (FTAs) for reciprocity and reducing value addition criteria in FTAs.
Hemant Minocha, Chairman of Plexconcil, stated, “To further support MSMEs, we recommend granting priority status for bank loans and offering concessional land rates for factory setup. These measures will alleviate the financial burden on entrepreneurs and promote industrial development”.
