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Indian Plastics Industry eyes USD 25 Billion Exports by 2025 - PLEXCONCIL

April 20, 2022 23:30 IST | ANI Press Release
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Piyush Goyal, Commerce & Industry Minister while inaugurating PlEXCONCIL's Export Excellence Awards event in Mumbai

Mumbai (Maharashtra) [India], April 20 (ANI/BusinessWire India): Piyush Goyal, Union Minister of Commerce & Industry, Consumer Affairs, Food & Public Distribution and Textiles appealed to the Indian plastic industry to set a target to become a Rs 10 lakh-crore industry in the near future by expanding the domestic and export markets and also by following import substitution.

He was speaking while felicitating exporters at Exports Excellence Awards organised in Mumbai by PLEXCONCIL, India's apex trade body of plastics exporters.

"India's plastics industry's economic activity is worth Rs 3 Lakh crore annually, out of which one-third is exported. There is a significant growth potential for the Indian plastic industry to become the world's premium supply hub. It can target 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 job opportunities," said Shri Piyush Goyal while inaugurating and addressing the members of PLEXCONCIL.

Goyal appreciated the Indian plastics industry for its performance on the exports front, as the industry achieved exports of USD 13 billion in 2021-22 with a growth of 30 percent and lauded the export target of USD 25 billion it has set for the year 2025.

"The Indian plastics industry has done well on the exports and domestic fronts and contributed significantly during the pandemic, particularly in supporting the healthcare supplies to the country," he added. He maintained that the Central Government was supporting the plastic manufacturers, particularly to ensure that more MSMEs should take the advantage of national and global market opportunities and provide more job opportunities to marginalised sector.

The Commerce & Industry Minister also urged the stakeholders of Indian plastics industry to upgrade technology, equipment and capacities to manufacture world-class, quality products and grab global opportunities for plastics to become the prime player. He also stressed on the need of sustainability by engaging into environment-friendly practices of plastic recycling.

Arvind Goenka, Chairman, PLEXCONCIL welcomed Shri Piyush Goyal, Commerce & Industry Minister and thanked him for his Ministry's support to the Indian plastics sector. In his welcome address, Shri Arvind Goenka said, "The Indian plastics industry is aggressively progressing on national and exports fronts by achieving USD 13 billion of exports in the year 2021-22 with a 30 per cent growth and eying for USD 25 billion of exports by 2025, which will take India into the prime spot in global plastics exports. The Export Excellence Awards by PLEXCONCIL will encourage many plastic manufacturers to look at global opportunities."

Goenka urged Hon. Shri Piyush Goyal to support the plastics sector to seek the flow of large investments into the sector for capacity expansion; so that more manufacturers could contribute in exports and start reaping the benefits of global markets.

In an event organised in Taj President in Mumbai today, Hon. Shri Piyush Goyal felicitated the winners of PLEXCONCIL's Export Excellence Awards for 2017-2021 and also announced the launch of Export - Focused Trade Fair for the Plastics Industry - PLEXCONNECT 2023.

Arvind Goenka, Chairman, PLEXCONCIL, Shri Hemant Minocha, Vice Chairman, PLEXCONCIL, Shri Ravish Kamath, Immediate past Chairman, PLEXCONCIL and Shri SribashDasmohapatra, Executive Director, PLEXCONCIL were present for the event along with other dignitaries of PLEXCONCIL.

The Export Excellence Awards of PLEXCONCIL recognised excellence in Plastics exports with a view to encourage other manufacturers towards the process of nation building by fuelling economic growth and prosperity through exports. The Awards were given to 96 winners. Cosmo Films Limited, Chiripal Poly Films Limited, Vikas Industries were some of the winners.

Vice Chairman Hemant Minocha, PLEXCONCIL said, "This year, the Council recognised exporters in as many as 50 Award categories and one new Award category of Life Time Achievement Award."

Hon Shri Piyush Goyal awarded a Lifetime Achievement Award, instituted for the first time by PLEXCONCIL, to Shri Vamanrai Parekh, Chairman of Nilkamal Limited, a veteran industrialist for his unwavering contribution to India's plastics industry and national growth.

The event also witnessed the launch of PLEXCONNECT 2023 - An Export - Focused Trade Fair for the Plastics Industry, and PLEX E Pages that featured over 20,000 players from the Indian plastics industry in an e-directory format. The event also focused on key topics of industry's interest such as technology up-gradation, promoting entrepreneurship in exports, incentives and schemes for new players, etc.

Sribash Dasmohapatra, Executive Director, PLEXCONCIL, said, "On the exports front, currently, the Indian plastics industry is targeting traditional markets of North America and Europe and also the emerging markets like Africa, Latin America and the Caribbean, and Oceania countries. "With adequate impetus from the Government, the Indian lastics industry is transforming from a linear to a circular economy benefiting all the stakeholders," added Goenka.

This story is provided by BusinessWire India. ANI will not be responsible in any way for the content of this article. (ANI/BusinessWire India)

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