Plastic biz poised to reach Rs 10 lakh cr in 5 years: AIPMA

CHENNAI: The Indian plastic industry is expected to witness rapid growth and nearly triple in size to Rs 10 lakh crore by 2027, with import substation offering a huge growth opportunity to the industry, as per the All-India Plastics Manufacturers Association (AIPMA).

AIPMA’s AMTEC organised its 5th Technology Conference for growth of plastic industry here on Friday .

The conference, aimed at boosting ‘Make in India’ and facilitating import substitution of plastic goods, saw participation from stakeholders.

Earlier, in his welcome address, Mayur D Shah, president of AIPMA, said the plastic industry is well-positioned to cater to the domestic market but also emerge as a global plastic supply hub. “The Indian Plastic Industry has proven capabilities. AIPMA has identified 553 plastic products for import substitution, totalling Rs 37,500 crore worth of imports. The move towards import substitution will create five lakh additional jobs in the country. This import substitution offers a huge opportunity,” Mr Shah said.

Arvind Mehta, chairman of AIPMA’s Governing Council and AIPMA’s Arvind Mehta Technology and Entrepreneurship Centre said, “The Indian plastic industry is poised for rapid growth. The size of the plastic industry is projected to grow from Rs 3.5 lakh crore in 2022-23 to Rs 10 lakh crores in 2027-28. The exports of plastic products are expected to grow from Rs. 40,000 crores to Rs. 1 lakh crore, reflecting the global acceptance of Indian products.”