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Business News/ News / India/  Plastic industry an integral part of Indian economy: Rane

NEW DELHI: The plastic industry in India is an integral part of the economy, said Union minister of Micro, Small and Medium Enterprises Narayan Rane on Wednesday.

Addressing the inaugural session of the Global MSME Convention in Goa virtually, the minister said that there are approximately 50,000 industries operating in the space. “Most of these industries are micro, small and medium scale. These industries contribute 3.5 lakh crore to the country’s economy. They also generate employment opportunities for more than 50,000 people. About 35 thousand crores worth of plastic is exported from India."

Rane added that 60% of plastic in the country is getting recycled, a rate higher than that of developed countries. “Plastic production is increasing through the government’s ‘Make in India’, ‘Skill India’, ‘Swachh Bharat’ and ’Digital India‘ initiatives. By 2027, the plastics industry is expected to have an annual turnover of 10 lakh crore, with exports increasing to two lakh tons. Employment opportunities will be created for one crore people in the next five years through this industry."

He said that the government’s resolve to provide all possible support for the latest technology to boost the plastic industry. “The plastic industry’s contribution will go a long way in fulfilling the Prime Minister’s vision of ‘Atmanirbhar Bharat’."

The convention has been organized by the Union Ministry of Micro, Small and Medium Enterprises and All India Plastic Manufacturers Association. The theme is ‘Opportunities for the Indian Plastics Industry in a US$ 5 Trillion Economy’

Over the course of the two-day conference, experts will deliberate on various topics such as ‘opportunities for the plastic industry through the government e-market place’, ‘Schemes of the Indian government to promote the plastic industry’ and ‘latest technology in the Indian tooling sector’.

More than 250 industries are participating in the conference, which will witness technology showcases, B2B meetings, business networking, case studies, best practices and panel discussions.

Swati Luthra
Swati Luthra writes on climate change, water, environment and forest issues for Mint. A graduate in Psychology, Swati has been mapping India’s policy initiatives to help meet the pledges made at CoP-26 including achieving net-zero carbon emissions by 2070.
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Updated: 16 Nov 2022, 05:59 PM IST
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