2010 Budget Petrochemicals/Chemical Industry Expectations

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The Petrochemicals/Chemical Industry of India is one of the fastest developing industries with an average growth of 14% per annum. The industry has an annual turnover of approximately INR220, which indicates its significant role in Indian economy. At present the industry is undergoing a cyclic resurgence, however the increasing demand for petroleum commodities will result to greater cost realizations and productivity in the future.

The key segments of Indian Petrochemical Industry are Polymers, Olefins, Surfactants, Polyester Intermediates, Aromatics, and major petrochemicals like MX, Benzene, OX and Toluene. The major growth drivers of Indian petrochemical industry are specialty chemicals, fertilizers, plastic, dyes and intermediates with an aggregate demand of 23503kilotons in 2009. The increasing demand of these products has played a vital role in the expansion of the sector and has triggered the restoration of fertilizer and other chemical plants in India.

For the forthcoming Union Budget 2010-11, the Confederation of Indian Industry (CII) has proposed the realization of direct tariffs in the Indian Petrochemical/ Chemical industry which can indirectly assist the sector in expanding by leaps and bounds. This year also the emphasis will be on allocating monetary incentives for setting and managing cross-nation oil and petroleum pipeline system for circulation of the resource to common delivery centres.

Devendra Kumar Agarwal, City:-Noida, Posted On :-2010-02-02 14:45:29
Higher incentive for retirement savings and no subsidies please.
Kulin Parmar, City:-Vadodara, Posted On :-2010-02-04 15:20:45
Increase the tax limitup to 3.0 lac
pps yadav, City:-Uttar Pradesh, Posted On :-2010-02-09 13:02:07
i hope that our respected finance minister must increase the taxable limit and also saving limit.

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