Mumbai: The Plastics Export Promotion Council (PLEXCONCIL) is confident that India's plastics exports will cross $8 billion mark due to the positive growth trend.
"The current trend in India's plastic exports seems highly encouraging and we are confident of crossing plastics exports to cross $8 billion mark in FY18 showing a 6 per cent increase from $7.56 billion in FY17. India's plastic exports to United States, the largest destination, continues to tread higher and nearing the coveted $1 billion mark," PLEXCONCIL chairman Pradip Thakkar told reporters here. During the first half of FY18, cumulative value of India's plastics exports witnessed a positive growth of around 9.5 per cent amounting to $3.49 billion as against $3.19 billion during the same period last year.
"We are working with the government on a strategy in order to increase the country's plastic exports as the global export market for plastics of $800 billion presents a huge opportunity.
The Council has taken up all important issues post the GST-era, with the concerned Ministry for remedial action in terms of fast tracking of IGST refunds; exemption of merchant exporters from GST on procurement against bond, clear procedure for third party exports under the GST regime; using of Chapter 3 incentive scheme scrips & advance authorization for debit of full import duty and restoring of export benefits to export oriented units," Thakkar said.
During September 2017, India exported plastics worth $630.93 million, up 17.3 per cent from $538.01 million in September 2016. The country exported plastics to 185 countries in September 2017. United States, China and Italy were the top three buyers of plastics from India.