Indian Plastics Federation president Alok Tibrewala in an interview claimed that the new taxation regime under GST (Goods and Services Tax) is actually boosting the polymer industry which was not at all satisfying in recent past in the eastern region, including West Bengal.
Tibrewala said, “In the GST regime, abolition of CST and entry tax and on top of that plastics goods flowing in from other states evading taxes have now stopped. This will encourage local manufacturers from Bengal to produce more to meet the demand”.
The plastics industry in the state is secured at Rs 12,000 crore involving 2500-3000 units and growing at 15 percent annually.
Tibrewala said that any new industrial policy for petrochem downstream industry at the Bengal Global Business Summit 2018 will create more vibrancy in the investment environment in this sector of the state.
Tibrewala mentioned, “In the next one year, Rs 800-1000 crore investment will come. Demand for 60 acres is already there before we can finalise land for a new plastics park”.
Speaking on ‘Indplas 18’ in Kolkata, the IPF said 120-125 foreign delegates are expected in this mega event from countries like China, Thailand, Taiwan, Malaysia and UAE among others besides companies across the country.
The triennial exhibition will take place from November 30 to December 3.