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Hindustan National Glass and Industries, a market leader in glass packaging with about 55 per cent market share, said customs duty on soda ash should be removed and the duty entitlement pass book (DEPB) scheme should continue, and hiked to 10 per cent, for the benefit of the packaging industry.
Mr Mukul Somany, Vice-Chairman and Managing Director, Hindustan Glass, said the industry was growing at 12-15 per cent per annum, which was more than three times the growth of the global packaging industry.
To sustain the growth momentum, the Government should consider removal of custom duty on soda ash, which contributes to nearly 30 per cent of the production cost, and scrap import duty on packaging machinery.
The Government should also reduce excise duty and input costs on capital goods, ensure there is infrastructure development, and bring in new technology to help bring down glass and glassware costs.
Mr Somany said the glass packaging sector was poised to grow consistently due to growing awareness about health and hygiene and eco-friendly packaging products.
The intake of Indian Made Foreign Liquor, which was growing at 15 per cent annually, will contribute a fair share to its growth. To sustain growth, it was important to provide incentives for capacity building, he added.
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