MSME-dominated plastic industry to hit Rs 10 lakh cr turnover, 1 crore jobs by 2027: MSME Minister Narayan Rane

Ease of Doing Business for MSMEs: Plastic industry, an integral part of the economy, has approximately 50,000 enterprises, most of which are MSMEs contributing Rs 3.5 lakh crore to the country’s economy and generating over 50,000 employment opportunities, said MSME Minister Narayan Rane on Wednesday. 

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Rane added that the plastic industry is expected to have an annual turnover of Rs 10 lakh crore and job opportunities for 1 crore people by 2027 along with rise in exports to 2 lakh tonnes. Currently, about Rs 35,000 crore of plastic is exported from India, he said.

The minister was speaking at the Mega International Conference on Global MSME Convention for Plastic Industry organized by the Ministry of Micro, Small and Medium Enterprises (MSMEs) in partnership with the All India Plastics Manufacturers’ Association (AIPMA). The two-day event starting from November 16 saw participation of more than 300 business owners from the plastic industries. 

The plastic industry fulfills the daily requirement of clothing, automobile, electronics, constructions, irrigation, packaging, housing and household items, the horticulture, agriculture and the furniture industry. 

During the event, the Chief Minister of Goa Pramod Sawant said that the industry is showing an uptrend in the demand in recent years and is growing at the rate of 13 per cent year on year (YoY) during the last five years.

Speaking about the plastic waste Sawant said, “Bioplastic, compostable plastic and biodegradable plastic is the answer to the single-use plastic and these technologies are being showcased in this mega event.” 

He also highlighted that agriculture is a sector where plastic can play a major role in improving productivity and in turn improve the farmer’s income. 

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Besides, he spoke about the Mopa international airport in North Goa that is being inaugurated next month and is also being promoted as the logistic hub. The airport will help the industry in terms of the exports of their goods, assured the minister. 

Speaking about the new industrial policy of Goa, he said that the industries will get help and support from the government in improving the ease of doing business in the state.