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| Plastic exports poised to touch $3.5 bn |
| Press Trust of India / Chennai Aug 06, 2010, 18:11 IST |
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Plastic exports are expected cross $3.5 billion in 2009-10, about 16 per cent higher than last year, the Plastics Export Promotion Council said today.
"We expect export figures for the 2009-2010 fiscal may cross $3.5 billion, compared to about $3 billion in the same period the previous year," Plastics Export Promotion Council Chairman Manoj Agarwal told reporters here.
Stating that estimates for the April-June 2010 quarter were about $700 million, implying an export growth rate of about 20 per cent, he said exports were mainly to advanced countries in North America, Europe, China and the Middle East.
"What is more encouraging is that the share of plastic processed items has gone up to about 65 per cent with plastic raw materials now constituting about 35 per cent," he said, adding that value added exports in plastic was also showing an extremely encouraging growth of over 60 per cent.
On the council's initiatives to facilitate exports, Agarwal said that in accordance with the Department of Commerce initiative, the Council has submitted an export strategy for Africa to tap the huge potential available for Indian products in Africa.
"A little over 10 per cent of Council's exports have been directed to the African markets in the last few years," he said adding with Ministry impetus, it was proposed to double exports to Africa in the next five years.
Agarwal said exports counts only 10 per cent of total consumption in the country. "The export percentage will be doubled in the next five years," he said.
He also opined bio-degradable plastics would be popular in India in a few years. "Many companies in the country have started producing bio-degradable plastics, which would see an encouraging growth in future," he said.
Agarwal pointed out that the plastics industry in India was a fragmented industry with an estimated 25,000 units employing over 3.5 million people. "Over 85 per cent of the industry comprises micro, small and medium enterprises," he said adding that per capita plastic consumption was around six to seven kg per annum compared to a world average of 30 kg per annum.
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