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Plastic Sector Targetting  Billion Exports By 2025: Industry Body
Plastic Sector Targetting  Billion Exports By 2025: Industry Body

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Indian plastic industry is aiming to touch $25 billion exports by 2025

Mumbai (Maharashtra):

Commerce Minister Piyush Goyal has asked the Indian plastic industry to set a target of becoming a Rs 10 lakh-crore industry in the near future by expanding the domestic and export markets and also by following import substitution.

Addressing an event organised by the plastic exporters’ body, PLEXCONCIL, Mr Goyal said, “India’s plastics industry’s economic activity is worth Rs 3 lakh crore annually, out of which one-third is exported. There is a significant growth potential for the Indian plastic industry to become the world’s premium supply hub. It can target to take its economic activity to Rs 10 lakh. This could be achieved through more exports and import substitution, which in turn will create immense job opportunities.”

Mr Goyal appreciated the plastics industry for its performance on the exports front, as the industry achieved exports of $13 billion in 2021-22 with a growth of 30 percent and also lauded the export target of $25 billion it has set for the year 2025.

“The Indian plastics industry has done well on the exports and domestic fronts and contributed significantly during the pandemic, particularly in supporting the healthcare supplies to the country,” the minister added.

He maintained that the Central Government was supporting the plastic manufacturers, particularly to ensure that more MSMEs should take the advantage of national and global market opportunities and provide more job opportunities to the marginalised sector.

Mr Goyal urged the stakeholders of plastics industry to upgrade technology, equipment and capacities to manufacture world-class, quality products and grab global opportunities. He also stressed on the need of sustainability by engaging in environment-friendly practices of plastic recycling.

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