Budget has outlined the road map for the future: Vipul Shah, Dow India

India Inc was expecting this budget to be growth oriented and it is reassuring to see that it has lived up to its expectations. Though there were no big announcements on policy reforms, the overall direction is long term.
 
We are thankful to the Finance Minister Arun Jaitely for assuring implementation of the Goods and Sales Tax (GST), by the end of the year. The decision of reducing import duties on key manufacturing components like soaps and spandex, ethane, propane, butane along with rationalisation of import duty on all forms of coal are welcome changes.
 
The government’s strategic thrust on infrastructure, ports, renewable energy and agriculture will support the growth of the manufacturing sector which will in turn propel the chemical industry into the next growth trajectory. This is a positive move for industry, on the whole.
 
In the times to come we would want the government to consider setting up of chemical parks, implement 'zero duty' on the import of chemicals to facilitate easy availability and higher import of cheaper feedstock, tax holidays like the power sector and a complete waiver of Special Additional Duty (SAD). We believe that all of these reforms, if implemented, will give the chemical industry a much needed boost and take it closer to its growth estimates. It will also increase the attractiveness of Petroleum, Chemicals, and Petrochemicals Investment Regions (PCPIRs).
 
Overall, we think that this interim budget was realistic and has outlined the road map for the future.
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Vipul Shah is the President, CEO & Chairman of Dow Chemical International Private Limited