Plastics Processing Industry welcomes the Budget 2005-06 Proposals

04-Mar-05

“The reduction in Customs Duty on Plastic Polymers from 15% to 10% will help to reduce the volatility and help the Plastics Processors” said Mr. Ashok Goel, President, Organization of Plastics Processors of India while welcoming the proposals in the Finance Budget 2005-06. Mr. Ashok Goel stated that the financial support to the National Horticulture mission and bringing of additional one crore hectares land under Irrigation would increase the use of plastics in Irrigation and Horticulture. He also said that the Government would be launching Manufacturing Competitiveness Plan for SMEs. This was of special significance to the Plastics Processors since most of them fall in the category of SMEs. Mr. Goel also welcomed the statement of the Finance Minister that VAT will be introduced from 1st April 2005 and that the net reduction in the Corporate Tax will be 3.5%. Mr. Ashok Goel, President, OPPI said that the reduction of CENVAT on Plastic Goods from 16% to 8% would have given an impetus to the Plastics Processing Industry. OPPI will continue to emphasize this point on the Government.