Industry reactions to the budget

01-Mar-06

Despite announcing a cut in customs duty, the finance minister seems to have failed to impress the plastics industry. The proposal to impose 4% special additional duty (SAD) on bulk plastics and raw materials would nullify the reduction in customs duty. AIPMA's demand for bringing down the excise duty from 16% to 8% has not been met," said Mr Ajay Desai, President, All India Plastics Manufacturers Association (AIPMA). The plastic industry's long pending demand for having an upgradation fund, in line with the Textiles Upgradation Fund, was not fulfilled.