Commerce ministry urges plastic industry to formalise strategy to double its exports
Mumbai: The commerce ministry has urged the plastic industry to formalise an export strategy to double its share in the overall merchandise exports, from less than 3 per cent at present.
Speaking on the sidelines of an exports award function here, Union Ministry of Commerce & Industry joint secretary Shyamal Misra said, "It (plastic exports) was less than 3 per cent of overall merchandise exports in FY18 and we need to work towards doubling this share."
Calling upon the industry to sit together and formalise an export strategy to take the plastic exports to the next level, he said, "Plastic exports have phenomenal potential and we need to enhance the presence in existing markets namely France, Japan, Germany and discover new markets such as Latin America, Africa, CIS and Asia."
Misra pointed out that the proportion of raw materials in exports is still very high and the industry should increase exports of value added products such as engineering plastics, bio-plastics and bio-polymers.
"We urge experienced captains of the industry to mentor new players and encourage them to excel. We hope plastics exporters help India become a $5-trillion economy," he said.
Maharashtra's industries and mining minister Subhash Desai, who was also present at the event, said the plastics industry has a big role to play in the economy, pointing out that the state government has taken several initiatives in research and development, technology and encouraging entrepreneurs.