banking service chronicle Published this article page no 09 PURIFIED TEREPHTHALIC ACID (PTA) In the recent Budget government abolished an antidumping duty being levied on imports of PTA in public interest. PTA is a raw material used to make various manmade fabrics or their components such as polyester staple fibre and spun yarn. It makes up for around 7080% of a polyester product. Owing to its properties such as weathering resistance strength and flexibility PTAs usage is growing across various enduse industries such as food and beverages electronics and industrial fibre. Removing the duty will allow PTA users to source from countries like China Taiwan Malaysia Indonesia Iran Korea and Thailand making it upto $30 per 1000 kg cheaper. o The move will also help to make the textiles sector a globally competitive industry. FOURFOLD JUMP IN LIION BATTERY IMPORTS SINCE 2016 As per Government reply in Lok Sabha India has quadrupled its imports of lithiumion (Liion) batteries and more than tripled its import bill on the product from 20162018. o Indian manufacturers source Liion batteries from China Japan and South Korea and the country is among the largest importers in the world. o Around 450 million Liion batteries were imported in 2019 (till November). o The cost of these imports rose from 2600 crores in 2016 to 6500 crores in 2019 Steps taken by India o Union Cabinet in 2019 approved a programme National Mission on Transformative Mobility and Battery Storage in the NITI Aayog to drive clean connected shared sustainable and holistic mobility initiatives. o ISRO has commercialized indigenously developed liion battery technology and has selected 14 companies for transfer of technology. o Central Electro Chemical Research Institute (CECRI) under Council of Scientific & Industrial Research (CSIR) and RAASI Solar Power Pvt Ltd have signed a Memorandum of Agreement for transfer of technology for Indias first Liion Battery project in 2018 banking service chronicle buy.
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