Plastic manufacturers in India are devising plans to increase their export business despite the resistance they have faced in their attempts to achieve this goal in the past, according to industry officials.
India boasts the presence of many major manufacturers like Reliance Industries Limited. (RIL), but even they only hold a market share of under 1 percent, in an export market worth approximately $800 billion globally.
“Our council, along with the Ministry of Commerce and Industry, has worked on a strategy to increase the country’s plastic exports as the $800-billion global export market presents a huge opportunity’, Pradip Thakkar, the chairman of the Plastics Export Promotion Council (PLEXCONCIL), was quoted saying.
The Plastics Export Promotion Council (PLEXCONCIL), is an organization that represents the interests of the exporting community in the plastic industries of India.
“Post Goods and Services Tax (GST) introduction, we have taken up important issues and concerns of members with the concerned ministry for remedial action in terms of fast-tracking of IGST refunds, exemption of merchant exporters from GST on procurement against bond or Letter of Undertaking (LUT)”, he said.
India has recorded an increase in plastic export s in the initial six months of this financial year as compared to that of last year. The figure recorded this year is $3.49 billion, which represents a substantial raise from the $3.19 billion figure recorded last year. This renders a 9.5 percent increase.
Plastic exports were forecasted to grow by 6 percent from $7.56 billion in 2016-17 to $8 billion in the present financial year. PLEXCONCIL also remain very confident that this figure will grow, according to officials.