The packaging industry was growing at 12% per annum in India as against the global growth rate of 5%.
"The total turnover of the packaging industry in India at present is $27.6 billion and expected to grow to around $43.7 billion by 2016, whereas the global turnover is about $550 billion", said the Indian Institute of Packaging (IIP) Chairman S K Ray.
He said the packaging industry was growing at 12% per annum in India as against the global growth rate of 5%.
There are roughly 22,000 packaging companies in the country--from raw material manufacturers to machinery suppliers to ancillary material and nearly 85 percent of them are MSMEs, Ray said.
"India's per capita consumption of packaging is only 4.3 kg per person per annum, as against Germany's 42 kg and China's 20 kg, which is very low compared to global standards. Initiatives are needed to convert the large unpacked commodities into processed and packed and well-presented commodities. There is a scope for innovation, entrepreneurship as well as logistical advancements," IIP Director N C Saha said.
The Indian Institute of Packaging set up in May 1966 by the Indian packaging and allied industry and Ministry of Commerce is organising 5th edition of the 'Indiapack 2013' exhibition in Mumbai between January 28-31.
It is expected to provide a unique platform for the packaging and allied industries to showcase the development of newer packaging materials.
After they together paid Rs 12 lakh to settle charges related to alleged delay in amending insider trading norms