In line with the Union Commerce Ministry’s target to triple India’s exports from $331 billion to $1 trillion in five years, export promotion councils have chalked out plans to achieve the same.
“This means almost doubling exports of the sector in the next five years,” said R. Veeramani, president, Capexil.
Capexil promotes the shipments of chemical and alliedproducts that contribute more than 7% of India’s total merchandise exports.
“The export target fixed for Capexil products is $25.57 billion for the year 2019-20, which marks a substantial growth compared to $ 22.24 billion in 2017-18,” he said.
He said the exports of minerals and ore, which grew 9.39% and non-mineral products, which grew 22.42% compared with 2017-18, were set to grow further.
Chemexcil, the export promotion council for basic chemicals, dyes, dye intermediates, agrochemicals and cosmetics, is wooing overseas buyers to boost exports.
Ajay K. Kadakia, chairman, Chemexcil said the focus for this year is to grow exports in the fields of speciality chemicals, polymers and agrochemicals.
Ravish Kamath, chairman, Plexconcil, which promoters plastics’ exports, said, “Globally plastics is a $1 trillion economy and this demonstrates the vast potential that the segment holds for our fraternity in the areas of automotive, construction, electronics, healthcare, textiles and FMCG.” He said India’s plastics exports in 2018-19 were worth $10.89 billion against $8.85 billion in 2017-18, up 24% and this year, it is expected to grow further as efforts were on to boost exports to more than 210 countries.