: Plastic body urges central govt to remove antidumping duty on PVC Resin #FinanceIndia #StockMarketNEWS Plastic body urges central govt to remove anti-dumping duty on PVC Resin New Delhi, Dec 24 (KNN)

@StockMarketNEWS Tue 29 Dec, 2020

Posted in: #FinanceIndia #StockMarketNEWS

Plastic body urges central govt to remove antidumping duty on PVC Resin #FinanceIndia #StockMarketNEWS
Plastic body urges central govt to remove anti-dumping duty on PVC Resin New Delhi, Dec 24 (KNN) The All-India Federation of Plastic Industries (AIFPI) has urged the central government to remove anti-dumping duty on PVC Resin used by the plastic processing units and footwear industry and to ensure the availability of basic raw material to the sector.

Madam, the footwear and plastic industry, which is a job providing industry, has been suffering due to steep increase in the prices of PVC Resin which is the basic raw material used by these units. The total usage of PVC Resin in the country is very high whereas the domestic production is only about 30 per cent of the total requirement; and the remaining requirement of PVC resin is met by import only thereby always shortage of PVC resin for the domestic user, said the plastic body in its letter to Finance Minister Nirmala Sitharaman.

AIFPI said that before COVID pandemic the PVC Resin prices supplied by domestic industries were varying from Rs.75/- to Rs.80/- per kg which has now been increased to approximately Rs.135/- to Rs.140/- as on today which is almost approximately 90-95 per cent increase over the last 6-8 months.

Due to this steep increase in the domestic prices of PVC Resin, the plastic and footwear manufacturers have no other alternative but to slow down their production and the sector is on the verge of collapse which will lead to loss of employment in this sector, the letter read further.

We would bring to your kind attention that the government has imposed anti-dumping duty on PVC Resin and due to this import price of PVC Resin is quite high and the domestic industries supplying PVC resin have increased their prices heavily. Due to this, the footwear and plastic industry have been purchasing PVC Resin at high prices in order to carry out their production process, it added.

It also said that the financial package given to MSME sector (as the footwear and plastic sector is in MSME category), will be totally defeated as the sector will not be able to repay the loan and this will affect employment also.

AIFPI urged the Minister look into the matter and anti-dumping duty on PVC Resin may be revoked/lifted for at least one year so that the PVC resin could be available to the footwear and plastic processing sector to enable them to survive and for carrying out their business activities without any pressure and hindrance.

Stock Market News & Best Intraday tips & Stocks near support

Report