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HomeAssociationsContribution of Plastic Sector in Making India a Developed Nation will be Unparalleled and Invaluable: Piyush Goyal

Contribution of Plastic Sector in Making India a Developed Nation will be Unparalleled and Invaluable: Piyush Goyal

11 July 2023: Union Minister of Commerce & Industry, Piyush Goyal has said that the domestic plastic sector in the country has done well in the recent years and it has tremendous potential to grow further. Its contribution in making India a developed nation will be unparalleled and invaluable. He was addressing through video conferencing in 2nd Technology Conference for Growth of Plastic Industry, whic was held at Mumbai recently.

Union Minister Piyush Goyal said the export of the country was stalled at around 500 million dollars till 2020, but the scenario has been changed in the last two years and the country has managed to touch 776 million mark in the export sector. Plastic industry’s contribution was of 12 billion dollars and it has the potential to grow. The sector has the potential to add business opportunities, jobs for young generation, opportunities in the world and it can help the government to grow the entire ecosystem of the plastic sector over the next few years.

He informed that two FTAs were finalized with Australia and UAE last year and currently the Government is actively negotiating with many other countries. The Government is looking to engage with the developed world more significantly. He appealed the plastic industry to significantly use these FTAs and expand their basket, access newer markets and promote greater exports. He pointed out the potential for huge import in this sector by both UAE and Australia. While underlining the importance of quality, he said that Government is striving for quality and high standards and will not accept substandard production in this sector.

He proudly mentioned that India is far ahead on recycling front and has the recycling average of 13 percent, which is far ahead of the global average of 9 percent and some developed economies with only 4 percent. He advised the industry to mould themselves with emerging times, emerging world and according to the needs of the world with newer ideas and newer technologies and collaboration of the stakeholder.

President of All India Plastics Manufacturers Association (AIPMA), Mayur D. Shah emphasized that the plastic industry will play a vital role in India’s ambition to become a 5 trillion dollar economy. The Chairman of AIPMA’s Governing Council Arvind Mehta acknowledged the government’s initiatives such as “Digital India” “Make in India” and “Skill India” as catalysts for boosting India’s plastic industry. He highlighted the conference’s focus on technology and business opportunities for local plastic goods manufacturers resulting from import substitution.

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