The plastic industry is targetting to more than double its annual exports to $25 billion by 2025, commerce and industry minister Piyush Goyal said on Saturday, as he called on domestic manufacturers to look at substituting imports as well.
The industry should also aspire to raise its annual turnover to Rs 10 trillion in about five years from Rs 3 trillion now, Goyal said. He was speaking at an event of the Plastics Export Promotion Council in Mumbai.
Highlighting that plastic imports, too, remained elevated at about $17 billion (in FY22), the minister exhorted local companies to strive for greater import substitution, including of raw materials meant for producing finished plastic products.
“While it’s a matter of satisfaction that you are trying to more than double your exports in three years, I would also urge you to keep monitoring the level of imports,” Goyal said.
Commenting on the fact that much of the imports comprise raw materials, the minister said “we need a couple of large players to invest in these segments (raw materials) then”. China is the biggest sources of India’s plastic imports.
Goyal acknowledged growing concerns about plastic wastes and asked the industry to commission studies and undertake research to come out with innovative ideas to recycle plastic waste without damaging the broader environment.
Indian plastic manufacturers have widened their coverage of the global export market in recent years.
At the same time, they must ensure that they keep supplying quality products so that they will be able to sustain the interest of buyers for a long term, Goyal said.
The minister highlighted the fact that the plastic industry is one of the biggest employment generators in the country. With the expansion of manufacturing as well as exports, job opportunities in this segment may also double in the next five years.