Union Minister of Commerce and Industry, Piyush Goyal, emphasized the significant role of the domestic plastic sector in India’s journey towards becoming a developed nation. Speaking at the second Technology Conference for Growth of Plastic Industry held in Mumbai, Goyal praised the recent progress of the domestic plastic sector and highlighted its immense potential for further growth, according to an official statement.
Goyal addressed the conference, stating that the domestic plastic sector’s contribution to India’s economy has been noteworthy. He mentioned that while the country’s export in 2020 was around $500 million, it has significantly increased over the past two years, reaching $776 million. Additionally, Goyal stated that the plastic industry’s current contribution stands at $12 billion, with great potential for future expansion.
The Union Minister emphasized that the plastic sector can provide numerous business opportunities, employment for the younger generation, and global market prospects. He expressed the government’s commitment to supporting the entire plastic sector ecosystem in the coming years.
Regarding quality standards, Goyal underlined the government’s focus on maintaining high standards and refusing substandard production. The statement noted that the government welcomes suggestions from the industry to enhance reliability and align with global standards, assuring immediate implementation of viable proposals.
Goyal emphasized that quality can be achieved at a low cost, benefiting the industry by enabling scale expansion, reducing waste, and lowering production costs. He called upon the industry to adopt a consumer-centric mindset and deliver the best possible products.
The official statement further emphasized Goyal’s assurance that the government is attentive to the potential and challenges faced by the plastic industry. He encouraged individuals to contribute to sustainability and sustainable growth.
Highlighting India’s progress in recycling, Goyal mentioned that the country has an average recycling rate of 13%, surpassing the global average of 9% and even outperforming certain developed economies with only 4% recycling rates.
Mayur D. Shah, President of the All India Plastics Manufacturers Association (AIPMA), expressed confidence in the plastic industry’s role in India’s ambition to become a $5 trillion economy. Arvind Mehta, Chairman of AIPMA’s Governing Council, acknowledged the government’s initiatives such as ‘Digital India,’ ‘Make in India,’ and ‘Skill India’ as catalysts for boosting the plastic industry in India.
The conference brought together industry professionals, researchers, entrepreneurs, and policymakers, fostering discussions on the growth and development of the plastic industry in India.
