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| Indian plastic exports in 09-10 may dip 12%: Plastindia |
| Yoshita Singh/ PTI / Chicago Jun 25, 2009, 16:15 IST |
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India's plastic exports are likely to decline by 11-12 per cent in the current fiscal as the economic slump in key markets like the US are affecting shipments.
The Indian plastic industry was eyeing exports of $4.2 billion in 2008-09 but missed the target, ending the last fiscal with exports worth about $3.7 billion, Plastindia Foundation President Arvind Mehta told PTI here.
"Exports are likely to be down by 11-12 per cent in 2009-10 as key markets for Indian plastics like the US continue to be impacted by the recession," Mehta said.
He said plastic exporters are looking at increasing shipments to markets such as Africa and the Middle East as they aim to make up for the dip in exports to the US.
Plastindia, India's apex body of associations dealing in plastic, is participating at the NPE2009 International Plastics trade show here. Mehta said the Indian delegation is looking at forging joint ventures and partnerships with US firms in manufacturing technology with a view to producing cost-effective and eco-friendly plastic.
"The per capita consumption of plastics is India is 6 kgs against the world average of 27 kgs. India's consumption is set to double by 2012 and we would need improved manufacturing technology to cater to our growing demand," he said.
India is projected to become the third-largest consumer of plastics by 2012 with sectors like packaging, electronics, telecom, infrastructure, healthcare and consumer durables set to witness surge in plastic consumption, Mehta added.
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