Among the top 10 items to be exported, India exported US$ 10 billion worth of plastics in 2019-20, which is expected to reach US$ 25 billion by 2025, the report says.
Giving an overview of the Indian economy, the third largest in terms of GDP, the report highlights the significant role that plastics can play in further accelerating economic growth.
The report says the production and consumption of plastics in India have increased manifold in the last three decades. In 2021-22 the consumption of plastics was approximately 22 MMT, compared to 0.9 MMT in 1990. The industry gives jobs to over 4 million people and comprises over 35,000 processing units, 80% of which are small and medium-sized enterprises. This sector is predicted to achieve 9.1 lakh crore by 2025, the report said.
The plastics industry says it is committed to sustainable development. 90% of rigid plastics, including PET bottle waste and 60% of flexible waste, are being recycled. Nearly 6.4 million mt is estimated to be recycled in 2021-22, which is ~60% of the plastic waste stream.
Jigish Doshi, president, PlastIndia Foundation said, “The ninth edition of the Plastics Industry Status Report has been put together to offer first-hand information on the Indian plastic industry. The report aims to catalyze growth by empowering each stakeholder with facts and figures. I am confident this report will act as a beacon for change by helping create more employment, fostering innovation, and driving investments that will help the industry work towards sustainable development models.”
Ajay Shah, chairman, National Executive Council, PlastIndia 2023 said, “This report includes various new sections and provides more in-depth data on various sectors of the industry, including a brief history of polymers and the benefits that plastics provide to society. The report enumerates the strengths of India and the various government initiatives and programs that would drive the polymer industry in the future while showcasing the country to the world as a land of potential opportunities. The data provided in the report will surely be useful for the entire value chain of the plastic industry – from raw material and additive producers, processors, machinery manufacturers, recyclers, and consumers guiding them in their growth plans.”
Plastindia Foundation is organizing PlastIndia 2023, the 11th edition of the international plastics exhibition, conference & convention, from 1 to 5 February 2023 at Pragati Maidan in New Delhi. The event 2023 will focus on innovation, sustainability, and growth, facilitating modern techniques that will help to maintain a cleaner environment and lead to sustainable economic growth.
To register, click on – https://plastindiaexhibition.plastindia.org/
Established in 1987, the PlastIndia Foundation is the apex body of the major association, organizations, and institutions connected with plastics focused on promoting the development of the plastics industry and assist in the growth of plastics and related materials.