Plastic exports to grow to $25 billion by 2025

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SME Times News Bureau | 05 May, 2022
Indian exports of plastics in 2019-20 were at $10 billion, and are expected to reach $25 billion by 2025, Plastindia Foundation President, Jigish Doshi said on Wednesday.

"The current business environment, bolstered by the launch of the government of India's 'Atmanirbhar' movement and 'Vocal for Local' initiative gives an impetus to the plastics industry to grow and provides excellent export opportunities. We are expecting that the exports would reach $25 billion by 2025," he said at an event for unveiling the logo, brochure and the goals of PLASTINDIA 2023 to be held in February 2023 here.

Union Chemicals and Fertilisers Minister, Mansukh L Mandaviya, who unveiled the logo, assured the plastic industry of full support and an enabling environment to further boost its performance and potential.

"The industry is contributing significantly to the economic development of India. We are committed to making the sector Atmanirbhar."

Stating that India is poised to become the plastics processing hub of the world, Doshi said: "The industry that employs about four million people and comprises more than 50,000 processing units, is expected to reach Rs 9.1 lakh crore ($102 billion) by 2025."

Plastindia Foundation said they are committed to work closely with the government and the industry to facilitate growth and to work towards innovative and modern manufacturing techniques that "will be sustainable for the environment and the economy". It claimed that "over the years, the plastics industry has reinvented itself with advanced innovations and developed environment-friendly processing and utilisation techniques that do not affect the environment".

The 10 goals shared by the Plastindia Foundation include, among others, making India the number one destination for manufacturing plastics, creating employment opportunities to empower the economy of the country, to encourage new innovative techniques and to increase the processing capacity of the plastic industry.