India Sees Record Growth in Exports of Several Plastics Product Categories
India’s plastic industry has constantly been growing and expanding domestically and globally. It includes the latest innovations and products that are set to revolutionise the face of plastic exportation. In this venture, the Plastics Export Promotion Council or PLEXCONCIL, is working towards boosting the global plastics supply chain through the Indian plastics industry. It has organised PLEXCONNECT 2024, a plastic exhibition in India where global buyers can connect with domestic suppliers and meet their sourcing requirements.
Recent Growth of Plastic Exports in India
Plastic exports from India reached $10.4 billion during the April 2023 to February 2024 financial year. At the same time, it had a 4.4% decline compared to the previous year at $10.9 billion. The decrease is attributed to factors such as lower polymer prices, slowing economic growth of developed nations, and the removal of GSP or generalised system of preferences benefits in the EU.
Government Supporting the Indian Plastic Exports
The government supports the Indian exporters through financial incentives. These include duty exemptions and credits, enhancing competitiveness and reducing production costs. Further, schemes like Advance Authorisation and EPCG improve the exporters’ access to raw materials and capital goods, which boosts the production of better quality goods for buyers all around. It promotes market diversification through reduced dependence on traditional markets and exploring new destinations. The schemes also include simplified processes which facilitate smooth trade transactions.
PLEXCONCIL: Promoting Plastic Growth Around the Globe
The Indian government sponsors PLEXCONCIL and works to boost the Indian plastic industry worldwide. The council organises a yearly plastic exhibition that connects lakhs of buyers worldwide to Indian exhibitors who display the best innovations and products. The council encourages using the latest technology to produce these products and helps the Indian plastic industry grow to new heights.
