Chennai, April 16 (KNN) The plastic sector clocked exports worth USD 13 billion in the last fiscal year to encourage the sector further the Plastics Export Promotion Council (Plex Council) has set a target of USD 25 billion exports to be achieved in next three years.

“The country’s share in the global market will increase to three per cent if India achieves USD 25 billion plastics export,” said Arvind Goenka, Chairman, Plex Council. 

Every year the plastics industry manufactures goods worth Rs 3 lakh crore which makes it a major contributor to the country’s economy. 

Due to its increasing manufacturing potential the sector is aiming to move on the export front.

The traditional markets of North America and Europe and some emerging markets such as Africa, Latin America and the Caribbean and Oceania countries are export targets for the Indian plastics sector.

With adequate help from the government, the industry is transforming from a linear to a circular economy benefiting all the stakeholders, said Goenka.  (KNN Bureau)