Finance Minister Nirmala Sitharaman is set to present the Union Budget for the financial year 2023-24. Plastindia Foundation is hopeful that the Finance Minister will frame the budget keeping in mind the overall growth and development of the entire plastic industry – from raw materials, and converter to machinery manufacturers. Plastindia’s motto is to put the Indian plastic industry on a high growth path: from USD 5 trillion in 2025 to USD 25 trillion by 2045.

To drive this growth, Plastindia Foundation supports the Make in India and Atma Nirbhar Bharat initiatives.

India does not produce enough polymer and the import is inevitable. The import duty on polymers should be between 5% and 7.5%.  Import duty on polymers needs to be lowered to make the Indian plastic industry more competitive.

Custom duty on the finished plastic product should be a minimum of 20% or more to support the domestic plastic processing industry.

The government is focusing on renewable energy, and this presents an opportunity for the plastic industry. At present, 90% of the components for solar panels and windmills are imported and the products are only assembled in India. To encourage local manufacturers, the custom duty on the import of components like EVA, back sheet, metal frame and solar glass should be at least 20%. 

The plastic industry can play an important role in manufacturing EVA and back sheets.
To promote industrialisation in India, the Plastindia Foundation urges the need to make uninterrupted power available at less than Rs 5 per unit as/since the country has a high electricity rate with a high power fluctuation. 

Overall, the organisation is expecting a budget that is industry-friendly and makes the domestic plastic industry more dynamic and globally competitive.