Page 9 - Plastics News February 2021

FROM THE EDITOR'S PEN

The Mission Atmanirbhar

am sure by now most of you would have not only read the fiscal budget 2021 but would have
I understood it well reading the fine print equally well. To me the budget seems to be a honest
attempt in its pursuit to attain the goals though not immediately but the outlays does mean it.

The Union Finance Minister (FM) presented a progressive and transparent Budget to stimulate
growth in the economy after a global pandemic. A world class infrastructure will go a long
way to make our manufacturing and exports competitive besides reducing the logistics cost.
The setting up of seven mega investment textile parks would attract investment in the sector,
bringing the cutting-edge technology and creating the economy of scale to compete with
our South Asian and South East Asian competitors. The levy of agri-cess will help in creating
agri infrastructure. Lack of infrastructure is also affecting the prices of agri commodities.
The various facilities for fisheries will push marine exports of the country which has yet not
reached anywhere near its potential.
As for the problems plaguing the sector, it is advisable the federal government allocate
the requisite funds for the Remission of Duties and Taxes on Exported Products (RoDTEP),
Merchandise Exports from India Scheme (MEIS) and (Service Exports from India Scheme) SEIS in Mr. Rajiv B.Tolat
order that the uncertainty is eliminated and exporters’ previous claims could also be launched
rapidly as the identical has severely eroded their liquidity.

Though we welcome the review of 400 existing custom exemptions this year, in my personal
view there could have been a scope for reduction in customs’ duty on plastic raw materials as
lowering the Naphtha custom duty will help the production of plastic raw materials. Finished
goods of plastics should have attracted higher duties.
Also the Union budget announcements primarily mean a boost to the current export footprint
to manufacturers in India. With a reduction in financial burden, companies can now focus on
helping India get on to the global value chain and this shall definitely help.
While the finance minister has been urging for Atmanribhar Bharat through her budget I am
pleased to inform that following the footsteps AIPMA has also inaugurated its new initiative
in the field of Technology and Management study called AIPMA’s Arvind Mehta Technology &
Entrepreneurship Centre (AMTEC) that aims to enhance the competitiveness of the Plastics
industry through the provision of professional services and training in innovation process,
technology, and management, as well as the latest update on the industry.
The Centre of Excellence will equally help enlightening students and MSME's in reducing overall
time to design, develop and rapid roll out of products thereby increase speed to global market..

I, on behalf of the Industry and AIPMA team, Thank Mr Arvindbhai Mehta, wishing good luck
to the team in all its endeavors and may AMTEC become the leader.

Rajiv B.Tolat
Hon. Editor
publication@aipma.net

9 Februar y 2021 Plastics News