Government of India has approved the National Policy for Petrochemicals that envisages providing tax incentives to the industry to enable India emerge as a global player in the segment. The Union Cabinet is setting up an Inter-Ministerial Expert Committee to recommend the use of plastics in the thrust areas as mandatory.
The policy has also proposed allowing medium and large industries to manufacture certain plastic items, currently reserved for the small scale sector.
Under the policy, the government will also set up of Petrochemical Technology Fund and raise investment limit for SSI plastic manufacturing units from Rs one crore to Rs five crore.
Under the policy, government is expected to facilitate creation of infrastructure, rationalise tariffs and taxes and promote exports so that Indian industry can capture a slice of the resurgent Asian demand in polymers.
A Task Force on Petrochemical Feedstock will also be set up to suggest measures to ensure the availability of petrochemical feedstock at internationally competitive prices and the setting up future cracker complexes.
16-Apr-07 
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