India has the potential to emerge as a global plastic supplier and the domestic plastic market is expected to more than triple to reach Rs 10 lakh crore by 2027-28, officials said on Sunday. According to the All India Plastics Manufacturers’ Association, the market size of plastics in India was Rs 3.5 lakh crore.
Besides the growth of plastics in the domestic market, the shipment of the products overseas was also expected to reach Rs 1 lakh crore from the current Rs 40,000 crore.
The Indian plastics industry has proven capabilities. AIPMA has identified 553 plastic products for import substitution, totalling Rs 37,500 crore worth of imports, the association’s President Mayur D Shah said.
“India also has the potential to emerge as a global plastics supplier. The government and the industry are working together to further encourage growth and create a sustainable environment for the Indian plastics industry to become the global sourcing hub,” Shah said.
AIPMA Governing Council Chairman Arvind Mehta said: “The Indian plastic industry is poised for rapid growth.
The size of the plastic industry is projected to grow from Rs 3.50 lakh crore in 2022-23 to Rs 10 lakh crore in 2027-28.”
“The exports of plastic products are expected to grow from Rs 40,000 crore to Rs 1 lakh crore, reflecting the global acceptance of Indian products. This is an excellent opportunity for the Indian industry and we must make the most of it,” he said in a press release.
Industry officials were here to take part in the fifth edition of the technology conference organised by AIPMA.
“We are also confident that the Indian plastic manufacturing industry will play a vital role in helping the country to become a USD 5 trillion economy,” Shah said.
