Union minister Piyush Goyal on Saturday exhorted the plastics business to scale back import dependence and aspire to turn out to be a USD 100 billion business within the subsequent 4-5 years.
The minister famous that there’s a vital progress potential for the Indian plastic business to turn out to be the world’s premium provide hub.
“The plastic business wants to scale back the amount of imports and turn out to be self-reliant. The quantity of imports of USD 17 billion exhibits that there’s a clear market ready for us to seize.
“With an economy growing at 7-8 per cent for the next 25 years, I am sure making the plastics industry a USD 100 billion industry in the next 4-5 years is very much achievable. We must aspire to reach that level,” Goyal mentioned whereas talking on the Exports Excellence Awards by the plastics exporters physique PLEXCONCIL.
“It can target to take its economic activity from the current Rs 3 lakh crore to Rs 10 lakh-crore industry. This could be achieved through more exports and import substitution, which in turn will create immense job opportunities,” he added.
This progress will even present large employment alternatives to the youth, particularly within the MSME sector, with the potential to supply jobs to individuals from marginalised sections who’ve been left behind within the growth cycle, the minister mentioned.
Currently, the plastic business employs over 50 lakh individuals, in line with PLEXCONCIL.
India’s plastics business’s financial exercise is value Rs three lakh crore yearly, of which one-third is exported.
The Union minister additionally urged the stakeholders of the Indian plastics business to improve know-how, tools and capacities to fabricate world-class, high quality merchandise and seize to turn out to be the prime participant.
Pitching for sustainability within the sector, Goyal mentioned “we need to demonstrate to the world that Indians are environmentally conscious.” “It is important to devise ways to collect and recycle and reuse plastic waste, so that it does not mess with our environmental story. We need to seriously consider segregating and reprocessing plastic waste, once we are able to do this, it will significantly reduce the negativity about using plastics,” he added.
Lauding the plastic business for reaching exports of USD 13 billion in 2021-22, a progress of 30 per cent, the minister mentioned the plastics business has completed nicely on the exports and home fronts and may simply attain its export goal of USD 25 billion it has set for 2025.
“Free trade agreements with the UAE and Australia, which we have signed recently will open opportunities for you in contemporary sectors, but this will be possible when we embrace international standards,” the minister mentioned.
Goyal emphasised the significance of upholding world-class high quality requirements and urged the business to improve know-how and improve the dimensions of operations.
“All our products should be second to none in the world, it is time we embrace high-quality standards which will help sustain the industry in the long run. Sectors like construction and healthcare sectors offer a lot of potential for the plastic industry; plastics can help bring down energy usage in automobiles and aeroplanes,” he added.