MOSCOW (MRC) -- India’s chemical exports rose by 7% to Rs 2.68 lakh crore (USD35.2 billion) during April-January period of the last fiscal, and became the top exporting sector in the country for the first time, reported Kemicalinfo with reference to the government's statement on Saturday.
"Union Minister of Chemicals and Fertilisers DV Sadananda Gowda congratulated the chemicals and petrochemicals industry on becoming the top exporting sector of the country for the first time," an official statement said.
Gowda informed that during April 2019-January 2020, the export of chemicals grew by 7.43% over the corresponding period of the previous fiscal.
"Total export of chemicals during this period reached Rs 2.68 lakh crore (USD35.2 billion). This constitutes 14.35% of the total exports," it added.
The minister assured full support to the industry towards making India a leading global hub for manufacturing of chemicals and petrochemicals.
"Continuous efforts made by my Department of Chemicals and Petrochemicals have enabled the industry to become the top most exporting segment for the first time," the Union Minister of Chemicals and Fertilisers said in a tweet.
As MRC informed earlier, India to consider imposing a 15% "Covid-19" import tax on chemicals to help protect its domestic industry from major exporting nations in East and SE Asia. The domestic industry has been badly affected by a major demand slump as a result of nationwide coronavirus lockdown. The proposed tax will be added in addition to current import duties. The committee is also proposing that all duties and taxes on exports be refunded for domestic manufacturers.
With possible exemptions for ethylene, paraxylene (PX), ethylene dichloride (EDC) and vinyl chloride monomer (VCM), the recommendation covers all other chemicals and petrochemicals imported by India.
India is a major chemicals importer, including polymers, monomers and solvents. If introduced, the new tax would impact domestic importers and distributors.
EDC and VCM are the main feedstocks for the production of polyvinyl chloride (PVC).
According to MRC's DataScope report, exports of suspension polyvinyl chloride (SPVC) from Russia totalled 45,600 tonnes in the first three months of 2020, down by 4% year on year. Imports increased, but still remained at a low level.
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