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 2 027, with import substation offering a huge growth opportunity to the industry, according to the All-India Plasti cs 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 1 8th 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 po licymakers from all over the country.
Earlier, delivering the welcome address, Mayur D. Shah, President of AIPMA, said the plastic industry is well-po sitioned to cater to the domestic market but also emerge as a global plastic supply hub. “The Indian Plastic Indus try has proven capabilities. AIPMA has identified 553 plastic products for import substitution, totalling Rs. 37,50 0 crores worth of imports. The move towards import substitution will create 5 lakh additional jobs in the countr y. This import substitution offers a huge opportunity. India also has the potential to emerge as a global plastic su pplier. The government and the industry are working together to further encourage growth and create a sustain able 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 20 27-28. 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 m ake the most of it.”
The Technology conference served as a platform for direct dialogue between manufacturers and importers. It al so showcased various technologies and innovations to facilitate import substitution. Speakers at the confer ence 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 En gineering & Technology) addressed the conference on Policy as enabler to the growth of Plastic Industry. Also 2 nd 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 stress ed exploring avenues for reducing import dependence and enhancing the domestic manufacturing of plastic pro ducts, 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 bus iness 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.
