: MSMEs key to triple Plastic industry output & double employment in five years: Commerce & Industry Minister #FinanceIndia #StockMarketNEWS MSMEs key to triple Plastic industry output & double employment

@StockMarketNEWS Fri 10 Dec, 2021

Posted in: #FinanceIndia #StockMarketNEWS

MSMEs key to triple Plastic industry output & double employment in five years: Commerce & Industry Minister #FinanceIndia #StockMarketNEWS
MSMEs key to triple Plastic industry output & double employment in five years: Commerce & Industry Minister New Delhi, 8 Dec (KNN) Commerce Minister, Piyush Goyal has asked the Plastic manufacturing industry to aim to increase their turnover to INR 10 lakh crore from INR 3 lakh crore in next 5 years.

He said while recognising the huge potential to increase the manufacturing of plastic machinery in India and reduce dependence on Imports, said the press release.

Referring to MSMEs he said, “We all need to ensure that MSMEs get assured supply of raw material to compete and grow, and get maximum support from all stakeholders needs to be given to MSMEs as they generate huge employment and support millions of livelihoods.”

The Commerce Minister was reviewing 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.

“Plastic industry is one of the biggest generator of employment in the country. It should now also aim to double the employment as well in five years’ time with the expected increase in turnover,” added Goyal.

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

Emphasising on competing on a global level, he promoted the use of world class machinery for all kinds of production .

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

The meeting was attended by heads of various Industry and Trade bodies of Petrochemical & Plastic sector such as, All India Plastics Manufacturers’ Association (AIPMA); FICCI; CII; Organization of Plastics Processors of India (OPPI); Process Plant and Machinery Association of India (PPMAI); PLEXCONCIL and Material Recycling Association of India besides senior officers of the Govt. of India from the concerned Ministries.

He also told the participants that Centre is committed to the holistic and sustainable growth of the sector.