News Category: Business

The domestic plastics industry comprising several SMEs is set to make hay while the sun shines in the form of strong demand from sectors such as automobiles and irrigation. Plastindia Foundation, the apex industry forum, projects that the demand for plastics in India is expected to grow to 12.5 million metric tonnes (MMT) by 2012 from the present 9 MMT. The plastics industry growth will trigger employment generation and the forum expects that the industry will employ nearly four million people in 2012 and seven million by 2015. Plastindia Foundation president Ashok Goel says, “The plastics industry should immediately lay down quality standards for recycling plastic products and ensure compliance to the same to grow further.”

Current industry statistics reveal that the per capita consumption of plastic products in the domestic market is increasing and the government’s new economic reforms would further give a fillip to the industry. In view of such promising outlook, the forum predicts that the industry turnover would grow to Rs 100,000 crore in 2012 from the current Rs 85,000 crore.

Giving further fillip, a CRISIL report reveals that the demand for plastic products in the global market is expected to reach 140 MMT in 2012. This would open up immense opportunities for Indian SME exporters to cash in and subsequently increase India’s share in world export volumes.

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