It is expected that the polymer downstream industry is all set to grow in the eastern region of the nation which also includes West Bengal. Indian Plastics Federation president Alok Tibrewala stated that “In the GST regime, the abolition of CST and entry tax and on top of those 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 plastic industry of West Bengal has currently raised up to INR 12000 crores which also includes 2500-3000 units and is slated to grow at an average rate of 15 percent annually. According to the president of the federation, any industrial policy for the petrochem downstream industry at the Bengal global business summit 2018 will bring more frequency and upliftment in the investments portfolio in the particular sector of the West Bengal.
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The expectation also supports expansion in the scheme of incentive and direct payment towards the capital subsidy. As said by the IPF officials, they insisted on the affordable power for the plastic industry in order to facilitate more and more production of plastics in the state. It was learned that the IPF was looking for 100-acre land within the vicinity of 50 km of the city to set up the plastic industry for the MSME plastic sector.
Federation president also stated that “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.”