Takeaways From Union Budget 2020-21 for Indian Chemical Industry
In what was pitted as a ‘Do or Die’ budget, Nirmala Sitharaman, the Honorable Finance Minister of India, had her task cut out from the very beginning. While most sectors were hopeful of a budget that would accelerate demand in domestic consumption, the same was not the case with the chemical industry in India . This is because the Indian chemical industry unlike other sectors of the economy has performed well despite the economic slowdown. But yet industry leaders were hopeful of a budget that would further strengthen its stronghold in the domestic and international landscape. Let’s look at some of the key takeaways or the Indian chemical industry from budget 2020: 1. Higher Customs Duty on Import Chemicals Custom duty on industrial chemicals will increase the post-budget announcement. The move is aimed to curb the import of chemicals from China. If you have been importing industrial chemicals, you can now do so using an online b2b platform for chemicals .