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The Indian plastics processing industry is expected to grow by more than 50 per cent to reach Rs 1,37,000 crore by 2017-18 on account of higher penetration of plastics in various sectors, says a paper.
At the end of 2013-14, plastics processing industry was around Rs 90,000 crore in size, according to the paper released today by Minister of State for Chemicals and Fertilizers Hansraj Gangaram Ahir.
"There is need to give more focus on research and development activities in the plastics processing industry at the same time keeping in mind the efficient plastic waste management," Ahir said.
He was speaking at the National conference of Plastics Processing Industry, organised by industry body Ficci in association with Organisation of Plastics Processors of India (OPPI).
The minister released a knowledge and strategy paper on Indian Plastic Processing Industry prepared by Ficci and Tata Strategic Management Group.
"...In value terms, it (plastic processing industry) has grown from Rs 35,000 crore in FY 2005 to Rs 90,000 crore in FY 2014 and is expected to reach Rs 1,37,000 crore by FY 2018," the paper added.
The increased growth in end use industries, higher penetration of plastics in various existing applications and ever growing range of new applications could further propel the growth of plastics in India.
Chemicals Secretary Surjit Chaudhary emphasised on the need for waste management and ensuring sustainable growth of the plastics industry through the use of technologies.
