PLASTIC INDUSTRY SHOULD INCREASE ITS TURNOVER TO ₹10 LAKH CR BY FY26, SAYS GOYAL

NEW DELHI: Commerce and industry minister Piyush Goyal on Tuesday urged the plastic manufacturing industry to increase its turnover to ₹10 lakh crore from the current ₹3 lakh crore in the next five years.

He also said a huge potential exists to increase the manufacturing of plastic machinery in India and reduce the dependence on imports.

Goyal was reviewing the functioning of the plastics industry and heard the views and suggestions of industry stakeholders for boosting the performance and potential of the sector.

Goyal said the plastics industry, one of the biggest generators of employment in the country, should now aim to double the level of employment as well in five years with the expected increase in turnover.

He asked industry participants to focus on quality, adding that dependence on using secondhand machinery is not the way forward as inferior quality machinery would only produce sub- standard products. In order to compete globally, world class machinery needs to be used for all kinds of production. He said the Bureau of Indian Standards will set up labs wherever needed to ensure the best possible testing of plastic materials.

“We all need to ensure that MSMES get assured supply of raw material to compete and grow,” Goyal said.

Goyal asked the industry to commit to creating capacities to produce the best in India, something that would add heft to Atmanirbhar Bharat Mission.

The meeting was attended by heads of various industry and trade bodies of the petrochemical & plastic sector, including the All India Plastics Manufacturers’ Association, FICCI, CII, Organization of Plastics Processors of India, Process Plant and Machinery Association of India, and Material Recycling Association of India besides senior government officials.