Business

Plastics group targets $25 bn exports by ’25

The Plastics Export Promotion Council of India, sponsored by the Union Ministry of Commerce & Industry, has announced plans to achieve an exporttarget of $25 billion by calendar 2025.

The council said it was expecting 20% growth in plastics exports during FY21 and FY22, it said.

It has mapped out 50 value-added plastic products in which India has sound standing and can ‘easily’ expand its presence to other geographies. Besides, it is in the process of identifying ‘the champion sectors’, it said. Chairman Ravish Kamath, said, “India is well positioned as a key plastic manufacturing base for corporations relying on global value chains in a dynamically evolving world trade scenario.

“India needs to boost domestic production of polymers, so much so that surplus quantity is available within the country thereby making availability of polymers at competitive rates,” he said.

Vice-chairman Arvind Goenka said, “We are in advanced stages of holding a B2B meeting with buyers in leading markets such as the U.S., Egypt, Japan, Korea and Vietnam.”

The council is targeting higher exports to Australia, Brazil, China, Germany, Indonesia, Israel, Italy, Kenya, Malaysia, Netherlands, Nigeria, Saudi Arabia, Singapore, South Africa, Spain, Sri Lanka, Thailand and Turkey with details of potential products.

Sribash Dasmohapatra, ED, said, “During the first half of 2020-21, India exported plastics worth $4.77 billion; [we] witnessed a fast recovery post lockdown and recorded growth of 7.9% in September 2020.

“During the first half of 2020-21, certain product panels such as raw materials, polyester films and human hair witnessed a positive growth in exports. We are hoping that the remaining panels, particularly, consumer and houseware; writing instruments; woven sacks/FIBCs; floor coverings, leather cloth & laminates; will pick up in the second half of FY21.”

This article is closed for comments.
Please Email the Editor

Printable version | Nov 30, 2020 5:19:19 AM | https://www.thehindu.com/business/plastics-group-targets-25-bn-exports-by-25/article32986035.ece

Next Story