India’s plastics industry targets $25 billion in exports by 2025 – PLEXCONCIL

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Bombay (Maharashtra) [India], April 20 (ANI/BusinessWire India): Piyush Goyal, Union Minister for Trade and Industry, Consumer Affairs, Food and Public Distribution and Textiles, called on India’s plastic to set its sights on becoming a Rs 10 lakh-crore industry in the near future by expanding domestic and export markets and also following import substitution. He was speaking as he congratulated exporters at the Exports Excellence Awards organized in Mumbai by PLEXCONCIL, India’s leading body for plastics exporters.

“The economic activity of the Indian plastics industry is worth Rs 3 Lakh crore per annum, one third of which is exported. There is significant growth potential for the Indian plastics industry to become the global sourcing hub “It can aim to take its economic activity to Rs 10 Lakh – crore industries. This could be achieved through more exports and import substitution, which in turn will create immense employment opportunities,” said said Shri Piyush Goyal during the inauguration and addressing the members of PLEXCONCIL Goyal appreciated India’s plastics industry for its performance on the export front as the industry achieved exports of $13 billion in 2021-22 with a growth of 30% and welcomed the export target of 25 billion dollars that it has set for the year 2025.

“India’s plastics industry has performed well on the export and domestic market fronts and contributed significantly during the pandemic, especially in supporting healthcare supplies in the country,” he added. He argued that the central government is supporting plastic manufacturers, especially to ensure that more MSMEs take advantage of domestic and global market opportunities and provide more employment opportunities to the marginalized sector. The Minister of Commerce and Industry also urged stakeholders in the Indian plastics industry to upgrade technology, equipment and capabilities to produce world-class quality products and seize global opportunities to that plastics become the main player. He also highlighted the need for sustainability by engaging in environmentally friendly plastic recycling practices.

Arvind Goenka, Chairman of PLEXCONCIL, welcomed Shri Piyush Goyal, Minister of Commerce and Industry and thanked him for his ministry’s support to India’s plastics sector. In his welcome address, Shri Arvind Goenka said, “The Indian plastics industry is aggressively advancing on the domestic and export fronts achieving $13 billion in exports in 2021-22 with 30% growth and targeting $25 billion in exports. by 2025, which will put India at the top of the world’s plastics exports. The PLEXCONCIL Export Excellence Awards will encourage many plastics manufacturers to seek global opportunities. Goenka urged Hon. Shri Piyush Goyal to support the plastics sector to seek the flow of large investments in the sector for capacity expansion; so that more manufacturers can contribute to exports and begin to reap the benefits of global markets.

During an event held today at the Taj President in Mumbai, Hon. Shri Piyush Goyal congratulated the winners of the PLEXCONCIL Export Excellence Awards for 2017-2021 and also announced the launch of the Export – Plastic Industry Focused Trade Show – PLEXCONNECT 2023. Arvind Goenka, President , PLEXCONCIL, Shri Hemant Minocha, Vice President, PLEXCONCIL, Shri Ravish Kamath, Past President, PLEXCONCIL and Shri Sribash Dasmohapatra, Executive Director, PLEXCONCIL were present for the event along with other PLEXCONCIL dignitaries.

The PLEXCONCIL Export Excellence Awards recognized excellence in plastics exports with a view to encouraging other manufacturers towards the process of nation building by fueling economic growth and prosperity through exports. The prizes were awarded to 96 winners. Cosmo Films Limited, Chiripal Poly Films Limited, Vikas Industries were among the winners. Vice President Hemant Minocha, PLEXCONCIL, said, “This year the Council recognized exporters in no less than 50 award categories and a new award category, the Life Time Achievement Award.

Hon. Shri Piyush Goyal has presented a Lifetime Achievement Award, first instituted by PLEXCONCIL, to Shri Vamanrai Parekh, Chairman of Nilkamal Limited, a seasoned industrialist for his unwavering contribution to India’s plastics industry and national growth . The event also saw the launch of PLEXCONNECT 2023 – An export-focused trade show for the plastics industry, and PLEX E pages which showcased over 20,000 players from the Indian plastics industry in an interactive format. electronic directory. The event also focused on key topics of interest to the industry such as technology upgrading, promotion of entrepreneurship in exports, incentives and programs for new players, etc.

Sribash Dasmohapatra, Executive Director of PLEXCONCIL, said, “On the export front, currently, the Indian plastics industry is targeting traditional markets in North America and Europe as well as emerging markets like Africa, India and India. America and the Caribbean and the countries of Oceania. With the right push from the government, the Indian plastics industry is transforming from a linear to a circular economy to the benefit of all stakeholders,” Goenka added. This story is provided by BusinessWire India. ANI will not be responsible for the content of this article (ANI/BusinessWire India)

(This story has not been edited by the Devdiscourse team and is auto-generated from a syndicated feed.)

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