INDIAN PLASTIC INDUSTRY SIZE TO TOUCH RS.10 LAKH CRORES IN FIVE YEARS: AIPMA
Chennai, 18 August 2023
The Indian plastic industry is expected to witness rapid growth and nearly triple in size to Rs. 10 lakh crores by 2027, with import substation offering a huge growth opportunity to the industry, according to the All-India Plastics Manufacturers Association (AIPMA), the premier industry body representing the plastics industry in India.
AIPMA’s AMTEC organised its 5th Technology Conference for Growth of Plastic Industry in Chennai on Friday 18th August 2023. The conference, aimed at boosting Make in India and facilitating import substitution of plastic goods, witnessed participation from experts, industry representatives, researchers, government officials and policymakers from all over the country.
Earlier, delivering the welcome address, Mayur D. Shah, President of AIPMA, said the plastic industry is well-positioned to cater to the domestic market but also emerge as a global plastic supply hub. “The Indian Plastic Industry has proven capabilities. AIPMA has identified 553 plastic products for import substitution, totalling Rs. 37,500 crores worth of imports. The move towards import substitution will create 5 lakh additional jobs in the country. This import substitution offers a huge opportunity. India also has the potential to emerge as a global plastic 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. We are also confident that the Indian plastic manufacturing industry will play a vital role in helping the country become a $5 trillion economy,” Mr Shah said.
Addressing the conference, Arvind Mehta, Chairman of AIPMA’s Governing Council and AIPMA’s Arvind Mehta Technology and Entrepreneurship Centre (AMTEC) said, “The Indian plastic industry is poised for rapid growth. The size of the plastic industry is projected to grow from Rs.3.5 lakh crore in 2022-23 to Rs.10 lakh crores in 2027-28. The exports of plastic products are expected to grow from Rs. 40,000 crores 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.”
The Technology conference served as a platform for direct dialogue between manufacturers and importers. It also showcased various technologies and innovations to facilitate import substitution. Speakers at the conference emphasised the plastic industry’s role in promoting initiatives like Atmanirbhar Bharat and Vocal for Local.
The Guest of Honor for the conference, Prof Dr. Shishir Sinha, DG, CIPET (Central Institute of Petrochemicals Engineering & Technology) addressed the conference on Policy as enabler to the growth of Plastic Industry. Also 2nd Guest of Honor, Mr. Alok Parakh, Managing Director, National Plastics Group addressed the conference on How can Indian industry undertake import substitution of plastic goods in mission mode.
The conference featured sessions on Innovation in Raw material & Supply Chain requirement, Requirement of Innovative Plastic processing Technologies, Requirement of Tooling, Dies & Jigs Fixtures. These sessions stressed exploring avenues for reducing import dependence and enhancing the domestic manufacturing of plastic products, ultimately contributing to the country’s growth and job creation.
The conference also showcased exhibits and samples of imported plastic products, offering a technical and business roadmap to the plastic processing industry for manufacturing these products in India. The final edition of the conference is scheduled in Kolkata on 31st August.