AHMEDABAD, India, February 8, 2018 /PRNewswire/ --
- Plastindia Foundation converges global opinion to fortify research, manufacturing and investments to meet anticipated demand
- Indian plastic industry turnover is slated to have touched $20 billion by FY2018 with $2 trillion expected infrastructure expenditure to add to the fortune
PLASTINDIA 2018, a colossal international exhibition, conference and convention on plastics organized by Plastindia Foundation today, initiated an industry-wide global connect on reaping growth scopes through enhanced design capabilities, R&D facilitation, machine innovations, intelligent manufacturing, manufacturing investments and knowledge sharing.
(Photo: https://mma.prnewswire.com/media/639921/dignitaries_at_PLASTINDIA_2018.jpg )
Chief Guests Shri Vijay Rupani, Chief Minister, Gujarat; Guests of Honor Dr. J N Singh, Chief Secretary, Gujarat; Shri Avinash Joshi, MD, OPal; Shri Parindu K Bhagat, Ind. Director, IOCL and Pujya Bhai; Shri Ramesh Oza, Founder, Sandipani Vidyaniketan and also a Hindu spiritual leader graced the inaugural ceremony.
"Plastics have penetrated deep into our everyday lives. Of the total oil production in the world, 8% is utilized in the manufacturing of plastics. In India, while plastic consumption per person is 9.7 kilogram, the figure stands at 109 kilogram per person in the US. Over 10,000 MSMEs are engaged in plastics in the state. An institution dedicated to research and study in plastics is on way. The state is one of the largest producers of plastics in the country. The state has done investment worth Rs 1400 crore. We do 1/4th plastic waste recycling. We have offered interest subsidies to enthuse the sector. A dedicated plastic park in Sanand is underway. Plastindia International University is being set up. Land has been allotted. MSMEs have received a policy push in the Budget 2018-19. To minimize adverse effect on the environment is also our key responsibility," said Shri Vijay Rupani.
According to him, by 2020, plastic consumption in India is expected to double. In Indian economy, the potential market for plastics is increasing by 16% a year. Nearly 33 lakh have been employed in the plastics industry. In the near future, an additional 30 lakh job opportunities may arise. In view of its immense potential, the Gujarat Government has formulated a dedicated policy for this sector.
"This exhibition is about empowerment and bringing about a change of attitude towards plastics and its use. Among the several initiatives of PLASTINDIA 2018, is our endeavour to enable buyers to meet sellers. With a vision on what's next, this edition of Plastindia has planned special pavilions solely with a focus on tomorrow's technology of 3D printing, plastics in healthcare, composites, agriculture, infrastructure and food security. In our lead up to the event, we have reached out to 27 countries and over 30 international associations to enthuse foreign buyer delegations. We went to every end user market across India and covered 18,000 km across 70 towns," said Shri Rajeev Chitalia, Chairman, National Executive Council, PLASTINDIA 2018.
Indian plastic industry turnover is slated to have touched $20 billion by FY2018 with a 4 times growth expected to be registered by plastics processing industry in value terms. Global entities are increasingly shifting manufacturing to India. In fact, over 22,000 sq. meters at Plastindia have been booked by foreign exhibitors from more than 40 countries.
"India is on a growth path. GDP is on a growth trajectory. Plastics have to see a faster growth. The Union Budget 2018-19 focused on rural development, infrastructure and housing. The background benefits will pour into petrochemicals and raw materials. Be it expansion, growth in capacity or setting up a new plant, Gujarat is the right state. We have a good track record of ease of doing business and we will continue to be proactive to attract investments in plastics," said Shri Saurabhbhai Patel, Energy Minister, Gujarat.
K.K. Seksaria, President, Plastindia Foundation said, "Plastindia Foundation is promoting quality innovation in plastics and working on holistic solutions for recycling. A Plastindia International University is being set up in Vapi on a 50 acre plot for Undergraduate and Postgraduate courses. India is one of the fastest growing economy and plastics are one of the biggest contributor to the story. Plastics are all about inclusive and futuristic growth and a large middle class, the youth, higher disposable income, large infrastructure projects are driving the growth."
Shri Suresh Prabhu, Minister, Commerce & Industries, India, sent in a video message highlighting the need to consider bio-plastics as a viable and sustainable option for the trade. He also said that focus should be on raising plastic exports from India in addition to increasing domestic consumption.
The event is supported by Government of India, Government of Gujarat and iNDEXTb.
The importance of plastics as an industry in India is compounded by the fact that the country happens to be the 7th largest manufacturing base in the world and is expected to have 464 million youth population by 2021. Nearly $2 trillion is the expected infrastructure expenditure with nearly 90 million jobs expected to be created in the next decade.
Shri M.P. Taparia, Chairman, National Advisory Board of Plastindia Foundation said, "Packaging, electronics, agriculture, automotive and healthcare sectors are expected to see high growth volumes. Domestic polymer consumption is said to double by fiscal 2028 from 14MT to 30MT. Indian plastic industry will continue to grow in excess of 8-10%. In 2016, China exported plastics worth $138 billion while India only achieved $6 billion. To push exports, we request the Centre and states to become facilitator. We need a suitable government policy to use this wonder product right. I do hope the GST Council will consider a low tax rate for the sector. An 18% tax is too high."
For a sector registering a 12% growth rate, there are 30,000 processing units, 4 million jobs and over 2000 exporters involved. About 4 million tones of plastics are recycled per annum. Over 150 countries import from India.
Overall, the Indian plastics industry eyes a buoyant future with India expected to be the third largest plastic consumer on the planet by 2020. Nearly 2 times growth in the consumption of plastics by packaging industry alone in the next 5 years is foreseen. A 3X growth in per capita plastics consumption in the next 10 years is likely to happen. Agriculture will consume 2 million tonne of plastics by 2020. A 13% CAGR for engineering plastics by 2020 is likely.
About Plastindia Foundation:
Established in 1987, Plastindia Foundation is the apex body of major associations, organizations, and institutions connected with plastics, with common objectives to promote the development of the plastics industry and to assist the growth of plastics and related materials. The Foundation is dedicated towards national progress through plastics.
The key focus of the Foundation is to facilitate export led growth of the Indian plastic industry and help boost export business volumes and revenues. In line with that, the Foundation also focuses on helping India become the preferred sourcing base of plastic products around the world.
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SOURCE Plastindia Foundation