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Business Economy

Plastics industry urges PM to set up Petrochemical regulatory authority

Chennai, Dec 4 (UNI) Heads of ten leading plastics associations
in the country has urged Prime Minister Narendra Modi to set up
a Petrochemical regulatory authority to save Plastics processing
industry hit by dramatic increase in price of Raw Material (Resin)
by the Raw Material manufacturers in the country.
In the letter to Mr Modi, the plastic manufacturers, processors
demanded constitution of a regulatory authority to curb the
consortium, undue profiteering in the petrochemicals industry
which has left the plastic manufacturing/processing industry
in the lurch and is on the verge of complete collapse.
The industry associations have also demanded to stop imposing
anti-dumping duty, mandatory BIS standards, decrease import
duty on raw material and ban/restrict export of raw material
from the country to enable the plastic industry to survive
and remain competitive with other countries like China.
They urged Mr Modi to urgently constitute the Petrochemical
Regulatory Authority and ensure that the PSUs like IOCL, GAIL,
BPCL support the domestic processing units by serving them in
a fair manner and fair pricing mechanism.
Mr Arvind Mehta, Chairman Governing Council of The All India
Plastics Manufacturers Association (AIPMA), said the industry
which was already facing severe drop in the demand due to the
COVID pandemic, was further facing working capital and related
financial issues owing to the exponential increase in cost of
the raw material.
The growing threat of increased imports of plastics intermediate
and finished goods from countries like China would prove to be a
disaster to Mr Modi's vision and plan to make India ‘Atmnirbhar’.
He said ''as Indian plastics processing units have become highly
uncompetitive in the global market due to increase in raw material
prices, export from India may take a severe hit.''
Indian plastic goods exporters are bound to become uncompetitive
in the international market as polymer prices are 10-15 per cent
cheaper in the international market as compared to prices in
India.” he said.
UNI GV 1844
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