Budget is seen a positive for the chemical sector – 3 Feb 2021

The rationalisation of the customs duty structure and review of old exemptions should be favourable for domestic chemical manufacturing and will address the issues of duty inversion faced by the sector

Moreover, it will ensure better feedstock availability and encourage domestic value addition

This should also help the sector benefit from the 'China+1' strategy adopted by global players, wherein there is increased focus on supply chain diversification

This will help the domestic chemicals sector, especially the specialty chemicals sector. During the last one year, around 80 outdated duty exemptions were removed and the Government plans to review around 400 exemptions in the current year and rationalize the duty structure by October 1, 2021