Plastic industry in India aims to double exports to $25 billion by 2025
Date
4/18/2022 6:22:43 PM
(MENAFN- Trend News Agency)
The plastic industry is targetting to more than double its
annual exports to $25 billion by 2025, commerce and industry
minister Piyush Goyal said on Saturday, as he called on domestic
manufacturers to look at substituting imports as well, Trend reports citing Financial
Express .
The industry should also aspire to raise its annual turnover to
Rs 10 trillion in about five years from Rs 3 trillion now, Goyal
said. He was speaking at an event of the Plastics Export Promotion
Council in Mumbai.
Highlighting that plastic imports, too, remained elevated at
about $17 billion (in FY22), the minister exhorted local companies
to strive for greater import substitution, including of raw
materials meant for producing finished plastic products.
“While it's a matter of satisfaction that you are trying to more
than double your exports in three years, I would also urge you to
keep monitoring the level of imports,” Goyal said.
Commenting on the fact that much of the imports comprise raw
materials, the minister said“we need a couple of large players to
invest in these segments (raw materials) then”. China is the
biggest sources of India's plastic imports.
Goyal acknowledged growing concerns about plastic wastes and
asked the industry to commission studies and undertake research to
come out with innovative ideas to recycle plastic waste without
damaging the broader environment.
Indian plastic manufacturers have widened their coverage of the
global export market in recent years.
At the same time, they must ensure that they keep supplying quality
products so that they will be able to sustain the interest of
buyers for a long term, Goyal said.
The minister highlighted the fact that the plastic industry is
one of the biggest employment generators in the country. With the
expansion of manufacturing as well as exports, job opportunities in
this segment may also double in the next five years.
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