Goyal Asks Plastic Manufacturing Industry To Aim For Rs 10 Lakh Crore Turnover In Next Five Years

Union Commerce and Industry Minister Piyush Goyal on Tuesday (7 December) asked the plastic manufacturing industry to aim to increase their turnover to Rs 10 lakh crore from present level of 3 lakh crore in next five years.

The minister said that a huge potential exists to increase the manufacturing of plastic machinery in India and reduce dependence on Imports.

Goyal on Tuesday reviewed the functioning of plastic industry in the country and heard the views and suggestions of industry stakeholders for further boosting the performance and potential of the sector.

Speaking on the occasion, Goyal said that plastic industry is one of the biggest generator of employment in the country, according to a Commerce Ministry release.

It should now also aim to double the employment as well in five years time with the expected increase in turnover, he said.

Goyal asked the plastic industry participants to focus on quality and added that dependence on using second hand machinery is not the way forward.

A less than good quality machinery would only produce substandard products, Goyal said. In order to compete globally, world class machinery needs to be used for all kinds of production, he added.

He said that the BIS would set up labs wherever needed to ensure best possible testing of plastic materials.

Goyal also emphasised on the need to ensure assured supply of raw material to MSMEs so that they can compete and grow.

He added that maximum support from all stakeholders needs to be given to MSMEs as they generate huge employment and support millions of livelihoods.

He asked the plastic industry to commit to create capacities to produce the best in India.