Indian plastics, chemicals industry offer huge growth opportunities

India's chemicals, plastics and minerals exports witnessed 21.32 percent growth at USD 46.71 billion during April-February 2018-19, offering huge growth opportunities following lower per capita consumption and low labour cost, Union Commerce Secretary Anup Wadhawan Tuesday said. "The government is pulling all stops to encourage Indian businesses promote their products across the world. The value of exports of products overseen by Plexconcil, Chemexcil, Capexil and Shefexil is USD 46.71 billion during April-February 2018-19, compared to USD 38.50 billion in the same period of 2017-18," Wadhawan said.

The total global imports for the products covered under the ambit of CapIndia are estimated at about USD 3.3 trillion and India's current exports are only about USD 46.71 billion. It should play a significant role in government's ambitious target of achieving an export of USD 900 billion by 2020, he added. The country witnessed robust export growth in chemicals. Exports of products overseen by Chemexcil grew by 31.9 percent in 2017-18 to USD 15.91 billion and have enhanced by 24.21 percent in April-Feb (2018-19) to USD 17.19 billion.

The Indian plastics industry also offers huge growth opportunities due to lower per capita consumption compared to world average coupled with low labour cost and availability of skilled manpower, he said. Wadhawan was speaking at the three-day '4th CapIndia 2019', mega expo focused on chemicals, plastics, building and construction materials, mining and mineral products, paper, printing, publications stationery products, shellac, forest and allied products.

The chemicals and plastics industries have demonstrated considerable potential to contribute to growth and employment in the country, he added. India currently ranked among the top five consumers of polymers in the world and has over 50,000 plastics processing units employing over four million people across the country, he said.

The mega expo is aimed to showcase the country's capability and strengths in 'Make in India'. Overseas buyers from over 50 countries are participating in the event including Saudi Arabia, Oman, Bahrain, Egypt, Jordan, Israel, Bangladesh, Indonesia, Sri Lanka, South Africa, Tanzania, Morocco, Kenya, Uganda, Zimbabwe, Chile, Columbia, Senegal, Russia, Belarus, Uzbekistan, Tajikistan, Kazakhstan and Uzbekistan. It is expected to receive over 7,000 visitors including domestic and overseas buyers.