Technology upgrade a must for plastics exporters

A recent report by Drip Capital in association with the Plastic Export Promotion Council of India stated that the key to the future of Indian plastic exports is policy intervention and market/product diversification. The report titled ‘Plastics Commodity Report’ also observed that despite the rise in the use of plastics over the years, ‘perennial’ plastic exports has been declining due to trade tension and rising environmental concerns. Therefore other possibilities such as recyclable and biodegradable plastics must be explored. Sribash Dasmohapatra, Executive Director, PLEXCONCIL, has said that investment in state-of-the-art machinery has helped the sector reduce labour costs by 70-80%. It also positioned India as the 17th largest exporter of plastic. It also stated that India’s plastics exports had risen at a CAGR of 11-12% in the last three years and are estimated to reach US$ 25 billion in trade by 2025. The country’s plastic exports in FY19 were US$ 8 billion, as per the study.