Become provide hub, set Rs 10 lakh crore goal: Goyal to plastics sector

Commerce Minister Piyush Goyal on Saturday requested the nation’s plastics sector to set a goal to change into a Rs 10 lakh-crore business within the close to future by increasing the home and export markets in addition to by following import substitution.

Felicitating exporters at Exports Excellence Awards organised right here by PLEXCONCIL, India’s apex commerce physique of plastics exporters, Goyal mentioned, “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 plastics industry to become the world’s premium supply hub.”

“It can target to take its economic activity to a 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.

Goyal praised the plastics sector for its efficiency on the exports entrance, because the business achieved exports of $13 billion in FY22 with a development of 30 per cent and lauded the export goal of $25 billion it has set for 2025. “The 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 mentioned the Centre was supporting plastic producers, notably to make sure that extra MSMEs reap the benefits of nationwide and international alternatives and supply extra job alternatives to marginalised sectors.

Goyal suggested stakeholders of the Indian plastics business to improve expertise, tools and capacities to fabricate world-class, high quality merchandise and seize international alternatives for plastics to change into the prime participant.

Arvind Goenka, chairman, PLEXCONCIL, mentioned, “The plastics industry is aggressively progressing on national and exports fronts by achieving $13 billion of exports in the year 2021-22 with a 30 per cent growth and eying for $ 25 billion of exports by 2025.”