After achieving a staggering 30 percent growth during the pandemic year 2021-22, the government has almost doubled the target for India’s plastics exports for the period 2024-25.
Despite Covid-related lockdowns at the beginning of the financial year, 2021-22, and supply chain disruptions thereafter, exports not only recovered in the second half but thrived and witnessed an emphatic growth. Consequently, India’s plastics exports which hovered between US$ 9 and 11 billion for the past several years, jumped sharply to US$ 13 billion in the financial year 2021-22.
Encouraged by this performance, India’s Commerce and Industry minister Piyush Goyal set a target of US$ 16 billion for the current financial year i.e. 2022-23, and US$ 25 billion for the financial year 2024-25.
While speaking on the sidelines of the Export Excellence Award hosted by the Plastics Export Promotion Council (Plexconcil), Goyal said on Saturday, “The Indian plastics industry has done well on the exports and domestic fronts and contributed significantly during the pandemic, particularly in supporting healthcare supplies to the country. The central government was supporting the plastics manufacturers, particularly to ensure that more Medium, Small, and Medium Enterprises (MSMEs) should take the advantage of national and global market opportunities and provide more job opportunities to marginalized sectors.”
The Commerce and Industry Minister also urged the stakeholders of the Indian plastics industry to upgrade technology, equipment, and capacities to manufacture world-class, quality products and grab global opportunities for plastics to become the prime player. Goyal also stressed the need for sustainability by engaging in environment-friendly practices for plastics recycling.
Emphasizing the need for India to become 'aatmanirbhar', the minister exhorted the plastics industry to reduce import dependence and become the world’s premium supply hub. With a significant growth potential exists, Goyal asked the industry to continue its growth momentum in the future also.
The Indian plastics industry recorded a total volume of imports worth US$17 billion, around US$4 billion higher than the total value of exports. This means, there is a clear market for the domestic industry not only to capture the local markets with import substitution but also to accelerate exports.
“With an economy growing at 7-8 percent for the next 25 years, I am sure making the plastics industry a US$ 100 billion industry in the next 4-5 years is very much achievable. We must aspire to reach that level,” said Goyal.
The Minister set a target for the domestic plastics industry to treble its size to Rs 10 lakh crore in the next 4-5 years from the level of Rs 3 lakh crore now. This tremendous growth will provide huge employment opportunities to the youth, especially in the MSME sector, with the potential to provide jobs to the aspirants from the marginalized sections who have been left behind in the development cycle.
Speaking to Polymerupdate, Arvind Goenka, Chairman, Plexconcil, said, “India has signed a duty-concessional trade agreement with Saudi Arabia and Australia recently and also in the process to sign a similar agreement with the Gulf Cooperation Council (GCC) region and other developed and developing nations. Trade agreements especially those of the Gulf countries would help us tap many African markets where we see a huge potential for growth in India’s plastics exports. The industry will strive to achieve all these targets set by the government, of course, with enabling policy support.”
Instituted to felicitate exporters who achieved remarkable growth in India’s plastics exports, the Export Excellence Award will certainly encourage recipients to increase the shipment of value-added plastics products. The award will also encourage other players to tap new potential customers in the overseas markets.
“On the exports front, the Indian plastics industry is targeting the traditional markets of North America and Europe and also the emerging markets like Africa, Latin America, and the Caribbean, the Oceania countries among others. But, there is an immense opportunity lies for the Indian plastics industry to explore business potential in other markets also,” said Sribash Dasmohapatra, Executive Director, Plexconcil.
With adequate impetus from the government, the plastics industry is transforming from a linear to a circular economy benefitting all stakeholders.
Source: =”https://www.polymerupdate.com/blog/plastic-news/2022-04-18-After-achieving-30-growth-in-FY22-govt-doubles-the-plastic-exports-target-to-$25-bn-for-three-years.aspx?id=1163066&year=2022″ target=”_blank” rel=”noopener”>www.polymerupdate.com
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The headings made navigating the post simple even when I needed to find a specific section quickly, and a look at premiumonlinebuyinghub continued the same thoughtful structure, small details like clear headings show that someone is actually thinking about how the reader uses the page rather than just filling it for length alone.
Arnoldnug
Really like that there are no exclamation marks or all caps shouting throughout the post, and a quick visit to xelivotrustgroup maintained the same calm voice, restraint in punctuation signals confidence in the content and this site clearly trusts its substance to do the persuading rather than relying on typographic emphasis.
Ethanrom
Closed several other tabs to focus on this one as I read, and a stop at xenvo held my undivided attention the same way, content that earns full focus in an attention environment full of competing pulls is content doing something genuinely well and the team behind it deserves recognition for that achievement consistently.
Winstonfem
Felt the writer was speaking my language without trying to imitate it, and a look at zavro continued that natural fit, when a writers default voice happens to match what you find easy to read the experience feels frictionless and that is something I notice and remember about specific sites going forward.
GuillermoLem
Closed the tab with a small sense of finality rather than the usual rushed exit, and a stop at cavarobase produced the same considered closing, when reading ends with deliberate satisfaction rather than impatient skip you know the time was well spent and this site is producing those satisfying endings consistently across what I read.
LiamVug
Reading carefully this time rather than scanning, and the depth shows up in places I missed first time around, and a look at renoprovisions rewarded the same careful approach, content that holds up to multiple reads is content I want more of in my regular rotation rather than disposable scroll fodder daily.
JustinSourl
A piece that did not lean on the writer credentials or institutional backing, and a look at clicktoexplorefutures maintained the same focus on substance, content that earns trust through quality rather than through name dropping is the kind I find most persuasive and this site is clearly playing on the substance side of that distinction.
GinoDag
Came back to this an hour later to reread a specific section, and a quick visit to kivurc also drew a second look, content that pulls you back rather than letting you move on permanently is the kind I want to fill my browser bookmarks with in 2026 and beyond as the open internet evolves.
ElmerBub
A piece that did not try to be timeless and ended up reading as durable anyway, and a look at dietzmann extended that durable feel, content that stays useful past its publication date without straining for permanence is content that ages well and this site has the kind of evergreen quality that I value highly today.
DonnyNop
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BillyMig
Found a small mental shift after reading this, the framing here is just a bit different from the standard takes online, and a look at nixra extended that fresh perspective across more material, the rare site whose voice actually changes how you think about something rather than just confirming existing beliefs.
LeeVak
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Draventok
Saving the link for sure, this one is a keeper, and a look at naviroshop confirmed I should bookmark the entire site rather than just this page, the consistency across what I have seen so far suggests there is a lot more here worth coming back for soon when I have more time.
EarlAtrof
Bookmark earned and shared the link with one specific person who would care, and a look at strategicunitypartners got the same targeted share, sharing carefully rather than broadcasting is a discipline I try to maintain and this site is generating shares from me at a sustainable rate rather than the spam rate of viral content.
DanLit
Reading this prompted me to subscribe to my first newsletter in months, and a stop at zorivogroup confirmed the subscribe was the right call, content that earns a newsletter signup is content that has cleared a higher trust bar than a casual visit and this site has clearly earned that level of commitment from me.
StewartUnurn
Now feeling slightly more optimistic about the state of independent writing online, and a stop at xalor extended that quiet optimism, sites like this one are the reason I have not given up on the open web entirely and finding them occasionally renews the case for paying attention to non algorithmic content sources today.
Ramonboace
Felt like the writer was speaking directly to someone with my level of curiosity, neither talking down nor showing off, and a stop at zavik kept that comfortable matching going, finding writing that meets you where you are rather than asking you to climb up or stoop down feels great every time it happens.
TateKably
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ClaytonDig
Speaking honestly this is among the better discoveries of my recent browsing, and a stop at qavon reinforced that discovery quality, the ranking of recent discoveries is informal but meaningful and this site has placed near the top of that ranking based on the consistency of quality across what I have already read carefully.
JesusRed
Probably worth setting aside a longer block to read more carefully than I can right now, and a stop at ulvix confirmed the longer block plan, the impulse to schedule dedicated time for a sites archive is itself a measure of trust and this site has earned that scheduling impulse from me clearly today actually.
TrentHable
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HermanBuirm
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