Govt initiates policies to promote plastics industry
The government on Tuesday announced several industry friendly policy measures including a scheme for setting up need-based plastic parks to encourage the domestic plastic processing industry. “For the promotion of the plastic industry in the country, the government has taken various industry friendly policy initiatives such as deregulating the petrochemical sector and allowing 100% FDI under the automatic route to facilitate fresh investments,” Ministry of Chemicals and Fertilizers said in a statement. The government also introduced a scheme of setting up “Centres of Excellence (CoEs)”to improve the existing petrochemical technology and research environment in the country and also to promote the development of new applications of polymers and plastics in the country. In addition, a total of 23 Central Institute of Plastics Engineering & Technology (CIPET) - an autonomous academic and training institute under the Department of Chemicals and Petrochemicals – have been approved to facilitate technology and financial collaboration for imparting employability skills in chemicals, petrochemicals and allied sector. India is set to become one of the world’s largest plastics markets within the next few years. The government has given a lot of emphasis on bolstering India’s plastic industry as it currently hosts more than 2,000 exporters, with over 30,000 processing units, 85-90% of which are small and medium-sized enterprises.
December 22, 2015 | 06:00pm IST