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Ajay Shah, National Executive Council Chairman – PLASTINDIA 2023
The plastic industry in India made as promising beginning in 1957 with the making of polystyrene. Since then, the industry has grown and diversified rapidly. The industry hosts more than 2,000 exporters. The plastic industry gives jobs to 4 million people and comprises more than 20,000 processing units, 80-90% of which are small and medium-sized enterprises. This sector is expected to reach 9.1 lakh crores by 2025. With its commitment to a sustainable environment, 90% rigid plastics and 60% flexible waste are recycled. 90% PET bottle waste is recycled while in-house plastics scrap is utilized in the production process.
For decades now, plastic has played a vital role in industries as diverse as Agriculture, Healthcare, Packaging, Construction, Electronics, Transportation, and Machinery. Plastic’s popularity can be attributed to its remarkable properties like lightweight, durability, chemically stable, and capability of being molded into a variety of shapes and sizes. Plastics are so versatile and a part of our lives that you will find them everywhere.
Indian export of plastics in the year 2019-2020 stood at USD 10.00 billion, which is expected to reach USD 25.00 billion by the year 2025. In FY2021, India exported plastic raw materials worth US$ 3.29 billion. The Indian plastics industry manufactures and exports a varied range of raw materials like plastic-moulded extruded goods, polyester films, plastic woven sacks, and bags, polyvinyl chloride (PVC), leather cloth, and sheeting, packaging, laminates, fishnets, travel ware amongst others. The domestic availability of raw materials is a major advantage for the industry. Hence, plastic processors do not depend on imports. The raw materials, including polypropylene, high-density polyethylene, low-density polyethylene, and PVC, are manufactured domestically, thus making India a potential sourcing hub for these products globally.
The plastics industry is a major contributor to India’s economy by manufacturing goods worth ₹ 3 lakh crore annually. Thus, India can become the world’s premium supply hub. Despite many positives, the sector is faced with challenges like rising cost and shortage of raw material like polymers, increasing shipping freight, container shortage and inverted duty structure owing to certain free trade agreements. The sector is also facing tough competition from China. Support from government on these issues will ensure the domestic industry growth and also help exports.
A PLI scheme for the plastic sector similar to that in other industry sectors announced by the government can boost production of plastic products and also support exports. The competitiveness of plastic products can improve with the assured quality and reduced cost of power to the industry and lower interest rates for capital investment. Specific inclusion of targeted plastic products in future FTA’s could also support export growth
Initiatives like ‘Atamanirbhar Bharat’ and ‘Vocal for Local’ have encouraged the industry and boosted exports. The government and the industry should work together to further encourage growth and create a sustainable environment for the Indian plastics industry to become the global sourcing hub.
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Views expressed above are the author's own.
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