Polymer export target cut down to $4.1 bn

January 27th, 2009 - 9:53 pm ICT by IANS  

Kolkata, Jan 27 (IANS) With a drop in India’s polymer exports due to the ongoing global slowdown, the industry has now reduced the target for 2008-09 from $4.3 billion to $4.1 billion.”We are now projecting an export figure of $4.1 billion for this year,” PlastIndia Foundation president Arvind M. Mehta told reporters here Tuesday.

PlastIndia is an apex body of major associations connected with the plastic industry.

In 2007-08, the export figure was $3.6 billion. Twenty-five percent of Indian polymer exports are to the US and 20 percent to the Middle East, Mehta said.

Another recessionary effect has been on the country’s installed polymer capacity target for 2012. “Our original target was to raise the present installed capacity of 7.1 million tonnes to 12 million tonnes by 2010. But now, due to the recession, we can meet the target only in 2011,” he said.

Mehta said the impact of the economic meltdown was mainly felt by units catering to the construction, automobiles and white goods sectors.

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