During the April-January period of the last fiscal, India’s chemical exports rose by 7 percent to Rs 2.68 lakh crore (USD35.2 billion). For the first time, the chemicals and petrochemicals industry became the country’s top exporting sector.
Over the same period in the previous fiscal, the export of chemicals during April 2019-January 2020 grew by 7.43 percent. During this period, the total export of chemicals reached 14.35 percent of the total exports, or Rs 2.68 lakh crore (USD35.2 billion).
Full support convinced by India to make the industry the country’s leading global hub for the manufacturing of petrochemicals and chemicals.
To help protect its domestic industry from major exporting nations in East and SE Asia, India to consider imposing a 15 percent "Covid-19" import tax on chemicals. The proposed tax will be added in addition to current import duties. All duties and taxes on exports are proposed to be refunded for domestic manufacturers.
India is a major chemical importer, including polymers, monomers, and solvents. If introduced, the new tax would impact domestic importers and distributors.
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Published on May 5, 2020 9:54 AM (GMT+8)Last Updated on May 5, 2020 9:54 AM (GMT+8)
