FICCI urges Chemicals Ministry to hike import duty on petrochemical products to 12.5%
Live MintIndian industries trade body, the Federation of Indian Chambers of Commerce and Industry, has written to the Ministry of Chemicals and Fertilizers requesting a hike in customs or import duty on petrochemical products, reported the news agency PTI. The trade body highlighted the need to increase import duty on petrochemical products like polypropylene and polyethene to 12.5 per cent, compared to its current 7.5 per cent levels, according to the agency report. FICCI's step asking for an import tax hike comes forth from concerns of China taking advantage of lower import duties to dump petrochemical products in India, as per the report. FICCI also highlighted that the rise in unnecessary imports would cause a situation of needless outflow of foreign exchange, thus widening the current account deficit and underutilization of domestic capacity, as per the report.
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