India will consider PLI Scheme for chemicals and petrochemicals : FM Nirmala Sitharaman

NEW DELHI: The Indian Government will consider introducing a production-linked incentive (PLI) Scheme for chemicals and petrochemicals to encourage domestic manufacturing of these products, Finance Minister Smt Nirmala Sitharaman said.

“We are in favour of having India becoming a manufacturing hub and, of course, we’ll consider the PLI also for chemicals and petrochemicals,” Sitharaman said at the Summit on Global Chemicals and Petrochemicals Manufacturing Hubs inIndiaorganisedbytheDepartment of Chemicals & Petrochemicals with theFederationofIndianChambersof CommerceandIndustryonJuly27.

Exports,Imports

The Government has so far announced14PLIschemes–aimedat encouraginglocalmanufacturingand cuttingimports–forsectorsincluding telecommunications, electronics, white goods, textiles and pharmaceuticals.

India’s combined exports of chemical and petrochemicals rose 2 percent to $9 billion in FY23 (till September 2022), the Minister said. Imports in this sector increased to$13.33billion.

The Minister said that the importance of the chemicals and petrochemicals sector can be gauged from the fact that it manufactures 80,000 products that directly impact many sectors including construction, packaging, textilesandagriculture.

Referring to specialty chemicals, the Minister said it represents 22percentofIndia’soverallchemicals and petrochemicals market and isvaluedat$32billion.

She said the world is looking at an alternative destination for manufacturing in this sector and Indiastandsagoodchance.

WTO members facilitate imports, reduce trade restrictions, but food export curbs persist

GENEVA: The Director-General’s mid-year report on trade-related developments shows that WTO members continued to facilitate imports and generally exercise restraintintheuseoftrade-restrictive measures from mid-October 2022 to mid-May 2023. However, while the number of export restrictions on food, feed and fertilizers has come down substantially, many such measures remained in place, contributing to supply uncertainty and price volatility. Director-General Ngozi OkonjoIweala urged members to work together to deliver results at the 13th Ministerial Conference (MC13) that strengthen the WTO and ensure trade continues to foster growth, resilienceandprosperity.

Speaking at the launch of the report, DG Okonjo-Iweala said: “The fact that WTO members have been taking more steps to facilitate imports illustrates how trade is a valuabletoolforpushingbackagainst inflationary pressures.” Pointing to theintroductionofexportrestrictions on food, feed and fertilizers since the start of the war in Ukraine in February 2022, DG Okonjo-Iweala noted that several such restrictions havebeenphasedout.

During the review period, WTO members introduced 182 new tradefacilitating and 110 trade-restrictive measures on goods unrelated to the pandemic. Most trade-facilitating measureswereimportmeasuresand most trade-restrictive measures were export measures. For the third time since the beginning of the Trade Monitoring Exercise in 2009, the numberofnewexportrestrictionshas outpacedthatofimportrestrictions.

The trade coverage of tradefacilitating measures introduced during the review period was estimated at USD 703.7 billion (down from USD 1,160.5 billion in the last report) and that of trade-restrictive measures at USD 110.5 billion (down fromUSD278.0billion).

Thestockpileofimportrestrictions in force remained important, with no sign of any meaningful roll-back of existing measures. By the end of 2022, 9.2%ofglobalimportswereaffectedby importrestrictionsimplementedsince 2009andwhicharestillinforce.

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