Minister says plastics can help bring down energy usage in automobiles and aeroplanes
Minister for Commerce and Industry Piyush Goyal has exhorted the Indian plastics industry to be a US$100 billion industry in the next 4-5 years, pointing out that the US$17 billion imports shows that there are big opportunities in the domestic market.
“With an economy growing at 7%-8% for next 25 years, I am sure making the plastics industry a US$100 billion industry in next 4-5 years is very much achievable. We must aspire to reach that level.”
He wants the sector to grow to Rs.10 lakh crore of economic activity in 4-5 years from the current around Rs.3 lakh crores.
Addressing the ‘Export Excellence Awards 2017-2021’ of apex plastics industry trade body The Plastics Export Promotion Council (PLEXCONCIL) in Mumbai on 16 April, he called on the industry to emerge as a benchmark for quality and carve its way towards a larger global market share.
“We have to now look at significant growth since the world today is looking towards India, to be a part of resilient supply chains. India has requisite skills and capabilities in plastics sector,” he said.
“We can match competition from anywhere in the world,” the Minister added.
Goyal told the industry to think big and expand their global footprint. The recently signed Free Trade Agreements with the UAE and Australia will open opportunities in contemporary sectors, but this will be possible when the industry embrace international standards and get a larger share of the pie in developed economies.
He emphasized the importance of upholding world-class quality standards, reiterating his call to the industry to upgrade technology and enhance scale 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 lot of potential for the plastic industry; plastics can help bring down energy usage in automobiles and aeroplanes,” said the Minister.
Pitching for sustainability in the sector, he underlined, “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.”
Chairman Emeritus of Nilkamal Limited, Vamanrai V. Parekh, received the Lifetime Achievement Award, while 95 companies and organisations were honoured with Export Excellence Awards.
PLEXCONCIL, India’s apex trade body of plastics industry, hosted its Export Excellence Awards after a gap of two years due to the pandemic situation. fiinews.com
