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Markets: Plastic recycling expected to reach $6.9bn by 2033

Fiinews by Fiinews
July 6, 2024
in Markets
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Verma stressed the need to become a sustainable circular economy

India’s plastic recycling industry is rapidly growing, and is expected to reach US$6.9 billion by 2033, according to Arvind Mehta, Governing Council Chairman All India Plastics Manufacturers’ Association (AIPMA) https://www.aipma.net/ .

The Government initiatives and a robust existing recycling rate of approximately 60% which highlights the country’s commitment to managing plastic waste, he noted at the four-day Global Conclave on Plastic Recycling and Sustainability (GCPRS) which started on 4 Jul https://gcprs.org/about/ .

Nivedita Shukla Verma, Secretary, Union Ministry of Chemicals and Fertilizers http://chemicals.gov.in , inaugurated the conference, and pointed out that “be that as it may, and despite transitioning from a material of wonder to a victim of its own success, the plastic industry remains one of the leading contributors to the economy and in providing employment to millions globally”.

She reminded stakeholders that a concerted and collaborative effort across various sectors is necessary in recycling plastics https://www.ibef.org/ .

Furthermore, she highlighted the critical part that the industry played in this sector. With environmental regulations tightening globally each day, she stressed the need to become a sustainable circular economy at the earliest https://www.nseindia.com/ .

Kamal Nanavati, President of the Chemicals and Petrochemicals Manufacturers’ Association (CPMA), emphasized that plastic waste management is a global issue requiring collaboration among all value chain participants and the government https://cpmaindia.com/ .

He said that the GCPRS aims to provide a platform for dialogue and discussion to develop solutions and the Indian industry is actively working to improve plastic circularity and ensure the effective implementation of regulatory requirements through cooperation with the government https://www.iea.org/ .

The conclave, jointly organized by the All India Plastics Manufacturers’ Association (AIPMA) and focuses on the rising use of plastic, its impact on the environment and also on the steps needed for solutions. Various businesses and experts from across the country will grace the conclave over the four days https://www.bseindia.com/ .

Aligned with India’s zero waste goal, the GCPRS showcases innovative recycling technologies, sustainable options like #biodegradable and compostable plastics, and efficient waste management solutions http://store.netzero.net .

The event serves as a platform for industry leaders, startups, and environmental experts to demonstrate their latest advancements and share insights on achieving sustainability in the plastic industry, said Ministry of Chemicals and Fertilizers. Fiinews.com

Tags: Ministry of Chemicals and Fertilizers
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