Indian Plastic Exports Demands Support From Government
After a period of brie hurdles, the plastic industry in India is considering gearing up to increase its exports.
The Plastics Export Promotion Council (PLEXCONCIL) is working on a strategy along with Ministry of Commerce and Industry to tap the opportunity in $800 million global export market for plastics. The PLEXCONCIL represents the exports community in the Indian plastics industry.
Though India has big manufacturers, but it accounts for less than 1 per cent share in the global market.
Indian Plastic Industry
The plastic industry in India offers a huge growth potential due to low labour cost and availability of skilled workforce. It is the fragmented nature of industry that is hindering growth.
Also because the MSME sector is slow in adopting new technology, it required government support in technology up-gradation. The council has demanded a Technology Upgradation Fund Scheme (TUFS) to push the industry activity.
Indi exports plastics to more than 185 countries. The USA and China are major importers of Indian plastic products.