Indian Plastics Export records over 70% growth touching US$2 billion

The year 2005 has heralded an all time high export growth of over 70%, with exports touching nearly US$2 billion. This figure is more significant as it has been reached at a much faster pace than estimated despite the weakening trend of the US Dollar This was expressed by Mr Vimalchand Rathod, Chairman, Plexconcil, at the Council's GOLDEN JUBILEE celebrations in Mumbai. Present at the function were Mr Jagdish Tytler, the Honourable Minister of State for Overseas Indians Affairs, Government of India and Mr Nikhil Meswani the Executive Director of Reliance Industries Ltd, among other Government dignitaries and industry stalwarts. Mr. Rathod called for creating a forum whereby the exporting community and the NRIs could interact with the prime objective of promoting Indian exports. "This could be in terms of identifying resourceful Indian personnel specializing in each product group to enhance the market share in target countries. Such a strategy is all the more important for sectors like the plastics sector where we really do not enjoy any comparative advantages and are almost at par with our competing nations majority of whom are from amongst the Asian Tigers." He spoke of the changing economic scenario in India, saying "The period prior to 1992 saw very thick Export-Import policies with the attachment of a lot of Appendices dealing with Cash Assistance and REP licenses. However, post liberalization, today we are free of most of such hassles and have a lot of time to devote to subjects that deserve more priority in exports like marketing, quality control and bettering productivity." He commended the Council's commitment to redefining roles in such an environment, complementing the Department of Commerce for having come out with schemes like the Market Access Initiative which essentially takes care of facilitating export promotion strategies in the current scenario. With the emergence of the WTO, new threats like the anti-dumping and anti subsidy issues are also on the increase. The plastic sector itself has been a victim of such proceedings in sectors like PET Resin and film, woven sacks and ropes. This is another area where the Council and its members plan preventive measures for the future. With exports of about US$ 16.5 million in the year 1955, we will be about hundred times our performance in the year 1955. The Council and the Indian plastic industry has passed through various phases of economic environment from the time the Council was born. The Council has reoriented itself very well in the gradual transition from a controlled economy at the time of the Council's inception to a market-oriented economy in the liberalisation era post-1992. These celebrations will be followed by regional celebrations at our regional centres in Chennai, Kolkata an New Delhi to celebrate the Golden Jubilee Year.