The domestic plastic sector in the country has done well in the recent years and has tremendous potential to grow further, Union Minister of Commerce & Industry Piyush Goyal today said.
The sector’s contribution in making India a developed nation will be unparalleled and invaluable, he said addressing through video conferencing the 2nd Technology Conference for Growth of Plastic Industry in Mumbai.
Plastic exports of the country were stalled at around 500 million dollars till 2020, but the scenario has changed in the last two years and the country has managed to touch the 776 million mark in the export sector.
Plastic industry’s contribution was 12 billion dollars and it has the potential to grow. The sector has the potential to add business opportunities, jobs for the young generation, opportunities in the world and it can help the government to grow the entire ecosystem of the plastic sector over the next few years, Goyal said.
He pointed out that the government is always ready to listen to their suggestions for the orderly growth of this industry in the near future. He informed that two FTAs were finalised with Australia and the UAE last year and currently the government is actively negotiating with many other countries.
The government, he said, is looking to engage with the developed world more significantly. He appealed to the plastic industry to significantly use these FTAs and expand their basket, access newer markets and promote greater exports.
He pointed out the potential for huge import in this sector by both the UAE and Australia. While underlining the importance of quality, he said the government is striving for quality and high standards and will not accept substandard production in this sector.
Therefore, the government is awaiting the suggestions from the industry to make it more reliable and at par with the global standards and will implement them immediately, he added.