Mumbai, Nov 16 – Commerce and Industry Minister Piyush Goyal urged India’s plastics sector to double its exports, improve sustainability and meet global standards.
During an industry event, Goyal highlighted the chance for micro‑, small and medium enterprises (MSMEs) to boost growth and drive export numbers higher. He announced the Plexconcil Export Excellence Awards 2023‑25, celebrating top performers in the plastics market.
India’s plastic exports hit $12.5 billion in FY 2024‑25, up 8 % from $11.5 billion a year earlier. Key items include raw materials, packaging products and films. Growth is strongest in plastic films, sheets and packaging items.
Major buyers are the United States, China, the United Arab Emirates and Germany, but the industry plans to capture more market share by streamlining supply chains and improving product quality. Trade agreements with the US, UK and EU are expected to fuel further expansion. New export destinations include Africa, Latin America and the Caribbean.
The plastics industry spans the country with over 2,500 exporters, 30,000 processing units—mostly MSMEs—and employs more than 4 million people. Products range from linoleum, houseware and cordage to medical supplies, packaging and pipes.
India aims to lift the plastics sector to a $126 billion valuation in the next five years. To support this goal, the Department of Chemicals and Petrochemicals has approved ten plastic parks. Six of these have final approvals: two in Madhya Pradesh, one each in Assam, Tamil Nadu, Odisha and Jharkhand. The parks are designed to create jobs and promote environmentally sustainable growth.
Stay informed on all the latest news, real-time breaking news updates, and follow all the important headlines in world News on Latest NewsX. Follow us on social media Facebook, Twitter(X), Gettr and subscribe our Youtube Channel.
