INTRODUCTION
The Indian plastic industry is one of the leading sectors in the country’s economy. The history of the plastic industry in India dates back to 1957 with the production of polystyrene. Since then, the industry has made substantial progress and has grown rapidly. The industry is present across the country and has more than 2,000 exporters. It employs more than 4 million people in the country and constitutes 30,000 processing units; among these, 85-90% belong to small and medium enterprises.
The Government of India intends to take the plastic industry from a current level of Rs. 3 lakh crore (US$ 37.8 billion) of economic activity to Rs. 10 lakh crore (US$ 126 billion) in 4-5 years.
EXPORT TREND
In FY23, India’s plastic exports stood at US$ 11.96 billion. During this time period, the exports of writing instruments and stationery, medical items, plastic pipes and fittings increased by 22.7%, 18.0%, and 0.5% over the same time last year, respectively.
In August 2023, the exports of human hair and related products witnessed a growth of 1.7%.
The cumulative exports of plastics and related materials during 2022-23 were valued at US$ 11.96 billion. This was a 10.4% decrease from the 2021-22 exports valued at US$ 13.35 billion. Plastic raw materials were the largest exported category and constituted 27.76% of the total exports in 2022-23; it recorded a growth of 21.5% over the previous year. Plastic films and sheets were the second largest category, comprising 15.13% of the total exports, but declined by 10.6% over the previous year.
In August 2023, the exports of plastics and linoleum from India were valued at US$ 963.2 million. During the same period, medical items of plastics; FRP & composites; packaging items; cordage fishnets & monofilaments; human hair & related products; and floorcoverings, leathercloth, & laminates recorded strong growth. The cumulative exports
for April-August 2023 declined by 13.4% year-on-year (YoY) to US$ 4.70 billion.
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