A Petrochemical Technology Upgradation Fund has been proposed in India to be used to reduce the interest burden on loans for upgradation of petrochem industry, mainly the plastic processing sector. The revised petrochem policy draft proposes a cess on all polymers produced in the country as well as on imports, to raise resources for the fund, and could be specific rather than ad valorem, at about Rs 100/ton. This upgradation of technologies would encourage growth of plastic processing industry and increase exports of plastic products substantially. Currently India processes 6 million tons of polymers for various end uses, including domestic output and imports.
The new draft proposes setting up of a plastic development council as an "apex recommendatory body" with a mandate to promote plastic consumption and technology upgradations. Technology Update Fund would be available for R&D ventures on plastic waste recycling technologies, as well as projects for development of biodegradable polymers. The council will advise the government on the eligibility of projects to benefit from the soft loan incentive. Its structure would be that of semi-government body, with industry participation and will operate on the lines of sugar, textile and steel technology upgradation funds.
11-Apr-05 
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