Indian plastic industry likely to value 10 lakh cr by 2027: AIPMA

Ahmedabad, July 29 (KNN) The Indian plastics industry is expected to reach 10 lakh crore by 2027 from Rs 3.5 lakh crore in 2022-23, the All India Plastics Manufacturers Association (AIPMA) said on Friday.

During the third technology conference for the Growth of the Plastic Industry in Ahmedabad, AIPMA president Mayur Shah said, “The plastics industry is well positioned to cater to the domestic market and also emerge as a global plastics supply hub.”

“AIPMA has identified 553 products for import substitution, that is currently worth Rs 37,500 crore in imports. Of this, 48 per cent came from China. The move towards import substitution will create 5 lakh jobs in the country. Import substitution offers a huge opportunity,”he said.

“We are confident that the Indian plastics manufacturing industry will play a vital role in helping the country become a USD5 trillion economy,” he added.

The conference for the Growth of the Plastic Industry aimed at boosting the Make in India programme and facilitating import substitution of plastic goods.

It was organised by AIPMA with the support of Union ministry of micro, small and medium enterprises, the department of chemicals and petrochemicals, and the department of commerce.  (KNN Bureau)