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India's new government pledges to reduce duty on chemicals, revive economy

1:52 AM MDT | July 11, 2014 | Natasha Alperowicz

India’s newly elected BJP government has pledged in its first budget to reduce custom duties on several chemicals in a move to encourage investment in the industry. In his maiden speech to parliament on Thursday, finance minister Arun Jaitley said: "In order to encourage new investment and capacity addition in the chemicals and petrochemicals sector, I propose to reduce the basic customs duty on reformate from 10% to 2.5%; on ethane, propane, ethylene, propylene, butadiene and ortho-xylene from 5% to 2.5%." In addition, Jaitley proposed to reduce...

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