India’s plastics industry to grow to Rs.1,000 bn in 2012September 12th, 2011 - 8:39 pm ICT by IANS
New Delhi, Sep 12 (IANS) The turnover of the Indian plastics industry is likely to grow to Rs.1,000 billion (Rs.100,000 crore) in 2012 from the current Rs.85,000 crore, according to Plastindia Foundation.
The apex forum of India’s plastics industry has based its estimate on the expectation that the demand potential will grow from the current nine million metric tonnes (MMT) to to 12.5 MMT.
The per capita consumption of plastic products in India is growing, according to the forum, and the government is trying economic reforms to boost the industry.
The number of processing units is expected to increase by 33 percent to 40,000, which in turn will increase the employment potential of the sector.
“Independent studies show that the industry that currently hires more than three million people, directly and indirectly, is expected to employ close to four million in 2012 and seven million by 2015,” a Plastindia statement said.
According to a report of global analytical firm CRISIL, the world trade in plastics is expected to reach 140 MMT in 2012, providing a lucrative opportunity to India.
However, the report says, with just a 1.5 percent share in world export volumes, India is not in a position to cash in on the opportunity.
The industry needs to enhance capacity, upgrade facilities, improve productivity and increase utilisation of critical plastic applications.
“The Indian plastic processing sector needs to consolidate, reap economies of scale and become competitive Plastindia Foundation president Ashok Goel said. “The key to achieve this is modernising, improving labour productivity and enhancing exports.”
He said that the industry in India needed to pull up its socks with regard to recycling plastic products. “Quality standards need to be laid down for the recycling sector and compliance needs to be ensured.”
The forum said awareness of the energy saving property of plastics and the benefits to industries that utilise plastics was low.
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