Date : 05 Mar 2022
In Next 5 Years, Plastic Business To Grow into Ten Lakh Crore IndustryTags :
Indian Economy and issues relating to planning, mobilization, of resources, growth, development, and employment
Why in News?
- Minister of State for Micro, Small and Medium Enterprises, Bhanu Pratap Singh Verma said the government is making endeavour to make the plastic business a ten lakh crore industry in the next five years.
- Inaugurating the International Summit 2022 on Plastic Recycling and Waste Management in New Delhi, the Minister said it is only possible with the help of the MSME sector.
- India is a growing market of plastic industry and by the end of 2030 its use in the country will be 30 million tonnes.
- 95 percent plastic producing units in the country are in the MSME sector and the government is providing assistance to them through different initiatives.
- There are 3500 modernised plastic recycling units in the country along with four thousand unorganised recycling plants.
- The plastic industry is playing a significant role in the Make in India initiative.