The Plastics Council aims for $25 billion in exports over the next three years.

 Following a stunning 30% increase during the fiscal year 2021-22, the government has nearly increased the objective for India's plastics exports for 2024-25.

Despite Covid-related lockdowns at the start of the fiscal year 2021-22 and subsequent supply chain disruptions, exports not only recovered but thrived and grew dramatically in the second half. As a result, India's plastics exports, which had been hovering between US$ 9 and 11 billion for several years, will skyrocket to US$ 13 billion in fiscal year 2021-22.
Encouraged by this achievement, India's Commerce and Industry Minister Piyush Goyal set a target of US$ 16 billion for the current fiscal year, 2022-23, and US$ 25 billion for 2024-25.
"The Indian plastics industry has done well on the exports and domestic fronts and contributed significantly during the pandemic, particularly in supporting healthcare supplies to the country," Goyal said on the sidelines of the Export Excellence Award hosted by the Plastics Export Promotion Council (Plexconcil). The central government was assisting plastics makers, specifically to ensure that more Medium, Small, and Medium Enterprises (MSMEs) took advantage of national and global market prospects and created more job chances in neglected sectors."
The Commerce and Industry Minister also asked stakeholders in the Indian plastics industry to improve technology, equipment, and capacity in order to produce world-class, high-quality products and seize global chances for plastics to become the dominant player. Goyal also emphasised the need of sustainability by engaging in environmentally friendly plastic recycling methods.
The Indian plastics industry registered total imports worth US$17 billion, roughly US$4 billion more than total exports. This means that the domestic industry has a clear market not only to capture local markets through import substitution, but also to accelerate exports.
"With an economy increasing at 7-8 percent over the next 25 years, I am confident that making the plastics business a US$ 100 billion industry in the next 4-5 years is extremely doable." "We must strive to reach that level," Goyal said.
The Minister set an aim of trebling the size of the domestic plastics industry to Rs 10 lakh crore in the next 4-5 years, up from Rs 3 lakh crore today. This significant expansion would create a plethora of work possibilities for the youth, particularly in the MSME sector, with the potential to employ applicants from marginalised groups who have been left behind in the development cycle.
Arvind Goenka, Chairman of Plexconcil said "India has recently signed a duty-concessional trade agreement with Saudi Arabia and Australia, and is also in the process of signing a similar agreement with the Gulf Cooperation Council (GCC) region and other developed and developing nations." Trade agreements, particularly those with the Gulf nations, will enable us to enter numerous African markets where we see enormous development potential for India's plastics exports. "Of course, with enabling governmental backing, the industry will seek to meet all of the government's aims."
"In terms of exports, the Indian plastics sector is focusing on conventional markets such as North America and Europe, as well as rising markets such as Africa, Latin America, and the Caribbean, as well as Oceania countries." "However, there is a huge possibility for the Indian plastics industry to explore business prospects in other areas as well," said Sribash Dasmohapatra, Executive Director of Plexconcil.
With sufficient government support, the plastics industry is transitioning from a linear to a circular economy, which benefits all stakeholders.

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