New Delhi
Petrochemical market in India has the potential to reach $300 billion by
2025, according to Plastindia Foundation. Due to
favourable market conditions and increasing demand from the US, Europe, India’s
exported plastics goods amount to $9 billion during the financial year 2020.
With the help of the government, the plastic exports from the
country might grow to $12 billion which is a growth of 20-25%. According to
Jigish Doshi, President, PlastIndia Foundation, Plastindia Exhibition is one of
the largest Plastics shows in the world and is held by Plastindia Foundation
with the help of the Ministry of Chemicals & Fertilizers. This exhibition
is going to help India in showcasing as the global hub for sourcing of plastics
raw materials, machinery, products, and technologies, he added.
Doshi also said that during the pandemic Plastic Industry has played
an important role to conquer the pandemic. The capacity of the country to make
N95 masks has also been increased by the Plastic Industry. This capacity has
been increased by 57 times between March-June 2020. The industry has also
played an important role in making of PPEs, Covid safety goods, food packaging,
and vaccination. Doshi also said that the vision of the honourable prime
minister of “Make In India” and and “Atmanirbhar Bharat is commendable. This
initiative will give a major thrust to Plastindia Exhibitions and will help the
country to become self-sufficient.
According to Ajay Shah, Chairman, National Executive Council,
Plastindia 2022, India will be needing a
new world-scale cracker every year in order to meet the growing demand.
Projects worth $87 billion in the petrochemical sector are in the process out
of which around 10 projects amounting to $17 billion are expected to be
completed by 2024. It is also expected that by 2025 petrochemical industry is
expected to offer employment to more than 1 Lakh people in the country which
will further boost up the GDP. Shah also said that Plastindia will take steps to support the
decision of the central government for single-use plastics.
Source – Press release of
"Plastindia"
Image Source: Press release of "Plastindia"
Also Read:
https://www.automotiveproductsfinder.com/news/plastindia-2015-to-boost-plastics-in-automotive-industry/95407
Comments