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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Clean writing, easy to read, and never tries too hard to impress, that combination is harder to find than people think, and after my time on joltcloud I am sure this site treats its readers well, no flashy tricks just useful content done right which is honestly all I want online.
Allenphync
Reading this gave me a small framework I expect to use going forward, and a stop at brightbuild extended that framework, content that produces transferable mental models rather than just specific facts is content with multiplicative value and this site is providing those models at a rate that justifies extra attention from me regularly.
Lorenzopap
Liked the careful selection of which details to include and which to skip, and a stop at horizonanchor reflected the same editorial judgement, knowing what to leave out is just as important as knowing what to include and this site has clearly figured out where that line sits for the topics it covers regularly.
KentonTup
Reading this gave me a small sense of progress on a topic I have been slowly working through, and a stop at focuspowersmovement added another step forward, learning happens in small increments across many sources and finding sources that consistently contribute is the actual practical value of careful curation in an information rich world.
WarrenCer
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Hoseajainc
My usual pattern is to skim and bounce but this site has reset that pattern temporarily, and a stop at megaluxurious maintained the slower reading mode, content that changes how I read is content with structural influence and this site has clearly nudged my reading behaviour toward something better at least for the duration of these visits.
Jimhow
Reading this triggered a small reorganisation of my own thinking on the topic, and a stop at blog33read furthered that reorganisation, content that affects the shape of my mental model rather than just decorating it with new facts is content with structural rather than informational impact and this site provides that.
BradenWal
Generally my attention drifts on long posts but this one held it through the end, and a stop at momentumcore earned the same sustained focus, content that defeats my drift tendency is content with substantive pulling power and this site has demonstrated that pulling power across multiple pieces in a session that has now run quite long actually.
Jeanrally
Closed the tab and immediately reopened it ten minutes later because I wanted to reread a part, and a stop at orbitbonding drew the same return, content that pulls you back after closing it is doing something well beyond the average and worth marking as exceptional in my mental catalogue of reliable sites.
Nelsonsax
Now appreciating that I did not feel exhausted after reading, and a stop at appultimate extended that energising quality, content that leaves me with more attention than it consumed is rare and the gap between draining and energising content is real over the course of a typical day spent reading widely online.
IbrahimDek
Now planning to share the link with a small group of readers I trust, and a look at blog66along suggested more material to share with the same group, recommending content into a curated circle requires confidence in the recommendation and this site is making me confident in those personal recommendations on multiple separate occasions now.
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Aroncerge
The examples really helped me grasp the points faster than abstract descriptions would have, and a stop at buildbit added a few more practical illustrations that drove the message home, the kind of writing that knows its readers learn better through concrete situations rather than vague generalities is rare and worth recognising clearly.
StanNit
Honest reaction is that this is the kind of writing I would defend in a conversation about good blog content, and a look at blog44trade reinforced that, the rare site whose work I would actively recommend rather than just tolerate is the kind I want to support through return visits regularly.
Calebcar
Bookmarking this for later, the kind of resource I want to keep nearby, and a quick look at blog33never confirmed the rest of the site is worth the same treatment, definitely going into my reference folder for the next time the topic comes up at work or in conversation with someone who asks.
IsaacEnget
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Johanketle
Now feeling confident enough in this site to use it as a reference point for evaluating others on the same topic, and a look at blog66describe continued the comparison friendly quality, sites that serve as quality benchmarks for their topic are precious and this one has clearly become a benchmark for me on this particular subject area.