The plastics processing industry comprises of over 50,000 Micro and small units employing around 50 lakhs people.Existing FTAs with various countries have failed.5%. However, exports from India to these countries have marginally grown leading to huge trade imbalance. MAYUR D. Industry demanded that to prevent under invoicing by foreign players, floor pricing should be established on finished goods. It also demanded that The Directorate General of Trade Remedies should recommended anti-dumping duty on plastics finished goods originating in or imported from 3 major dumpers including China for a period of at least five years. CHANDRAKANT TURAKHIA – Senior Vice President, MR. Any increase in custom duty will affect the agriculture sector due to high use of PVC pipes and fittings. If increased, it would have adverse effect on automotive, healthcare segments and would lead to cost increases in the value chain. Therefore, Industry demanded that all existing FTA’s be reviewed and Polymers and Products made of Polymers shall be excluded from all FTAs. ARVIND MEHTA - Chairman – AIPMA Governing Council, MR. Major Plastics Association present were Gujarat State Plastic Manufacturers&China o-ring Manufacturers39; Association, Organization of Plastics Processors of India Maharashtra Plastic Manufacturers # Association, Karnataka State Plastics Association,South Gujarat Plastic Manufacturer's Association, Saurashtra Plastic Manufacturers' Association, Pimpri Chinchwad Plastic Association, Telangana and Andhra Plastics Manufacturers Association, Indian Plastics Federation, Plastics Export Promotion Council,Mr.

It has resulted in massive import of finished goods from FTA countries into India at zero or concessional duty badly affecting competitiveness of Indian plastics processing industry. Increasing Tariff for PET will affect the processing and consumer segment and thus tariff for PET should be retained to 5% to nurture consumer products consumption. Industry is also deeply distressed as most of the insurance companies are declining to provide insurance coverage to MSME’s in plastics processing industry. It was further demanded that the custom duty on SAN and ABS should be brought to 5% to nurture associated industries growth,” he said.Industry raised serious concerns with respect to insurance companies exponentially increasing premium for providing insurance coverage against fire and safety.On the other hand, Small units would face major disruption if BIS standards are made mandatory on plastic finished goods due to compliance burden, high cost of certifications and renewal, non-availability of adequate facilities for testing and harassment by authorities."Government of India is planning to enforce mandatory BIS standards on raw material. However, it is under severe strain due to cheap imports from China and other south Asian countries. Elaborating on the demands, Mr Killawala said that taking into account the short term as well as long term growth of plastics processing industry, the industry associations unanimously demanded government to not come under pressure from any quarter to increase custom duty on key raw material. HITEN BHEDA - Chairman – Environment Committee, MR.The domestic industry is suffering due to dumping by China and other countries at very cheap cost.The APIMA had organized an emergency meeting held in Mumbai on December 9, 2019 in the wake of emergency measures that needs to be taken by the central government for revival of the Plastics Industry. MR.

IST APIMA organized a meet to discuss measures that needs to be taken by the government for revival of the Plastics Industry. SHAH - Vice President West, MR. This would avoid unnecessary compliance burden on the raw material suppliers and at the same time ensure import of safe and quality material,” said Mr Mehta. Arvind Mehta, Chairman, Governing Council, AIPMA. Jagat Killawala, President of The All India Plastics Manufacturers Association said that the Plastic Industry is one of the major contributors to the Indian economy and is expected to play a key role in India becoming US 5 Trillion Economy. He further highlighted the need for Government to come out with clear plans and strategy on various fronts in order to spur the much needed growth. Industry demanded government to immediately roll back the increase of insurance premium as this is detrimental to the efforts to help the MSMEs for increasing their market share and increase their contribution in the GDP.75 Lakhs crore annually..5% as nearly 50% of demand in India is being met through imports due to lack of domestic capacity.The plastics industry has also demanded that the long pending proposal for Technology Up gradation Fund on the lines of Textile industry should be implemented immediately to spur the export growth. Industry demanded that the Delta of minimum 10% should be maintained between custom duty of raw material and plastics finished goods. Industry felt that this move would put small enterprises to disadvantage and allowing imports of semi-finished and finished products, which are made from very raw materials which are being denied entry by imposing non-tariff barrier to trade (NTBT), would not be in the best interest of the nation. "The industry is currently witnessing depression in the market which has led the industry to halt their expansion and investment plans,” said Mr.

JAGAT KILLAWALA - President, MR. The industry body has demanded restructuring of Custom Duties, Anti Dumping Duty on import of cheap finished products, review of Foreign Trade Agreements, enforcement of mandatory BIS standards and technology up gradation fund for the industry among others. ANIL REDDY VENNAM - Vice President South, MR. Custom duty of Polypropylene and Polyethylene should be retained at 7. He also expected that the Central Government should engage strongly with the industry to ideate and implement impactful policy solutions for higher growth. 3. The Meet was attended by more than 70 participants representing 31 industry associations from across the country; industry leaders and other key stakeholders. Industry demanded that both BIS and international standards should be considered at par. Mumbai: The All India Plastics Manufacturers Association (AIPMA), the 74-year-old and the largest Industry Association in India representing 22,000 industrial units has called for immediate steps by the Government of India to revive the industry and put it back on the growth trajectory

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Thousands of bankers and banking agents fanned out across the country to reach people in far-flung villages and city slums.The writer is a well-known banker, author and Islamic researcher. Even in traditional societies, no matter how oppressed women are or the degree of literacy, they are often the stewards of family savings. And it is now the key focus of governments in developing countries.Melinda Gates co-chair of Gates Foundation is a diehard votary of savings and has pledged 500 million to promote savings and other financial services. "It also gives them the ability to marshal their resources to build something better for themselves and their children. Making that choice — the choice to save rather than to consume — is the foundation of money management.India is now on the cusp of a new savings pathway that shows hope — and an opportunity provided we sustain the same zeal, commitment and momentum. As early as 1924, the international community designated October 30 as World Thrift Day with the objective to stress the importance of savings for modern economies and for individuals alike. A one-time incentive for opening the account is not enough to ensure that they continue to save and use the account. Managing money well begins with hanging on to what you have.— Stuart RutherfordThe importance of savings has been understood from very early times even in the modern age. She toils tirelessly for the good of her family, putting their needs before her own. Despite conventional wisdom, poor people actually do save, even if it is just pennies each day.

This means avoiding unnecessary expenditure and then finding a safe place to store whatever money is left over. Lower-income families can convert savings into home purchases, education and businesses.There are basically three financial needs of the poor:Life cycle needs: Life cycle events that impose financial burdens include — births, deaths, marriages, education, home-making, widowhood, old age and the need to leave something behind for one’s heirs. This is specially true for women who are often underserved by traditional financial institutions. Governments and financial institutions are now engaged in a vigorous battle to integrate the unbanked into formal banking, not just for their business but to open a window for the poor which allows the global development winds to touch their lives. I learnt that keeping track of the transactions was the personal hygiene of finance, like brushing your financial teeth. Give me a fishing rod, and I’ll eat for a lifetime.

There’s no work ethic like that of a poor woman.Emergencies: Impersonal emergencies are caused by floods, cyclones, fire, etc, while personal emergencies include illnesses, accidents, bereavement, desertion and divorce. The older ones always advise the younger ones to keep a store of value that other family members do not know about. They use a variety of informal mechanisms: hiding cash at home, loaning funds to relatives, participating in rotating savings groups with their neighbours, engaging deposit collectors, buying livestock or other physical goods such as jewellery or construction materials.The key to effective financial inclusion is a safe and confidential savings. It allows them to fund their own businesses, to look ahead with confidence. The nationwide campaign yielded stellar results and set many world records. Money, which was earlier kept in tins at home and was open to loss or theft is deposited in the account that pays interest and is insulated from the daily demands of life. What we need is a savings revolution.com. Bringing this about requires products that suit their living patterns.When I first opened the account of my own I received a little booklet, the ubiquitous passbook, o-ring Manufacturers in which every deposit and withdrawal was acknowledged by the bank staff. They, therefore, need access to a basket of financial services. It is imperative to understand why people do not save, in order to design products that incentivise them to do so. To open an account now, reams of identity documents are no longer needed — and money for a deposit isn’t necessary, either. This philosophy has been the cornerstone of personal finance for adults in the developed world. When there is an emergency, they will understand your wisdom and appreciate. He can be reached at moinqazi123@gmail. They are a source of self-employment and job creation — encouraging and enabling families to imagine a future better than the present, and to prepare and plan for that future. To use financial services to their full potential, to protect their families and improve their lives, the low-income people need products well suited to their needs.”Financial inclusion isn’t just about numbers — it’s about people. But these days, there is a general view that one of the most effective tools to fight poverty may not be a fishing rod, but a savings account. Wealth begins with the first coin in the piggy bank. Savings helps families to take the giant leap from reacting to events to planning for a healthier, happier future. "Savings doesn’t just help people mitigate the risks posed by a medical emergency or a bad crop,” says Gates. The implicit message, not just for me, but I think for society at large, was that the bank account was the locus of money management. All one’s main financial transactions would pass through the account, and the account would serve as a barometer of our financial health. Financial products designers hardly want to do the hard work of first understanding how the poor think, followed by designing suitable products.

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