Paswan to take up the issue of removal of import duty on Naphtha

Mumbai, Mar 4 (UNI) Union Minister for Chemicals and Fertilisers Ramvilas Paswan today said he would take up the issue of the removal of import duty of five per cent on Naphtha with the Finance Minister.

Inaugurating the Petrochem Conference 2008 on ''Opportunities in Indian Petrochemical Industry'', organised by the Confederation of Indian industry here today, Mr Paswan said, ''There should be no import duty on Naphtha, and I will write to the Finance Minister regarding the same.'' He said that the petrochemical sector had been witnessing a commendable progress and the Indian chemical industry was placed at the 12th position by volume globally and at third position in Asia.

The national policy on petrochemicals is expected to attract new investments, create new jobs and new capabilities for the Indian manufacturer, he added.

Mr Paswan said that this financial year had been rewarding on the policy making front for the department of chemicals and petrochemicals in view of the approvals given for the national policy on petrochemicals and policy for establishment of petroleum, chemicals and petrochemicals investment regions.

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