Union Minister Piyush Goyal on Saturday urged the plastics industry to reduce its dependence on imports and aspire to become a $100 billion industry in the next 4-5 years.
The minister noted that there is significant growth potential for the Indian plastics industry to become the global sourcing hub. “The plastics industry needs to reduce import volume and become self-sufficient. The $17 billion import volume shows that there is a clear market ahead of us.” With economic growth of 7-8% for the next 25 years, I’m sure that making the plastics industry a 100 billion dollar industry in the next 4-5 years is entirely achievable. We must aspire to reach this level,” Goyal said when presented with the Export Excellence Awards by plastics exporters body PLEXCONCIL.
“It can aim to increase its economic activity from the current industry of Rs 3 lakh-crore to Rs 10 lakh-crore. This could be achieved through more exports and import substitution, which will in turn create huge job opportunities,” he added. This growth will also provide huge employment opportunities for young people, especially in the MSME sector, with the potential to provide employment to people from marginalized sections who have been left behind in the development cycle, the Minister said. .
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Currently, the plastics industry employs more than 50,000 people, according to PLEXCONCIL. The economic activity of India’s plastics industry is worth Rs 3 lakh crore per year, one third of which is exported. The Union Minister also urged Indian plastics industry stakeholders to upgrade technology, equipment and capacity to produce world-class quality products and become the leading player.
In favor of sustainability in the sector, Goyal said “we have to demonstrate to the world that Indians care about the environment”. “It is important to find ways to collect, recycle and reuse plastic waste, so that it does not damage our environmental history. We must seriously consider separating and reprocessing plastic waste, once we are able to do so will greatly reduce negativity regarding the use of plastics,” he added.
Hailing the plastics industry for achieving exports of $13 billion in 2021-2022, a growth of 30%, the minister said the plastics industry has done well on the export and domestic market fronts. and could easily achieve its $25 billion export goal that it had set for itself. for 2025. “The free trade agreements with the United Arab Emirates and Australia, which we signed recently, will open up opportunities for you in contemporary sectors, but this will be possible when we adopt international standards,” said the minister.
Goyal stressed the importance of maintaining world-class quality standards and urged the industry to upgrade technology and increase the scale of operations. “All of our products must be second to none in the world, it is time to adopt high quality standards that will help sustain the industry for the long term.
Sectors like construction and healthcare offer great potential for the plastics industry; plastics can help reduce energy consumption in automobiles and aircraft,” he added.
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