Domestic Plastics Industry Expected To Have Annual Turnover Of Rs 10 Lakh Crore By 2027

16 Nov 2022 , 05:02 PM

Union Minister of Micro, Small and Medium Enterprises Narayan Rane has said that the plastic industry in the country is an integral part of the economy. He observed that currently approximately 50,000 industries are operating in the plastics sector and that most of these industries are micro, small and medium scale. He noted that these industries contribute Rs 3.5 lakh crore to the countrys economy and also generate employment opportunities for more than 50,000 people. About Rs. 35 thousand crores worth of plastic is exported from India, he added. The Minister said 60 percent of plastic in the country is getting recycled, a rate higher than that of developed countries. Plastic production is increasing through the Governments Make in India, Skill India, Swachh Bharat and Digital India initiatives, said Minister Narayan Rane. He stated that by 2027, the plastics industry is expected to have an annual turnover of Rs. 10 lakh crore, with exports increasing to two lakh tonnes. Employment opportunities will be created for one crore people in the next five years through this industry, added the Union Minister. The Minister expressed the Governments resolve to provide all possible support for the latest technology to boost the plastic industry. He further said that the plastic industrys contribution will go a long way in fulfilling the Prime Ministers vision of Atmanirbhar Bharat.Powered by Capital Market – Live News