Unlocking India’s Potential: Plexconnect 2023 Set to Boost India’s Share in the Global Plastics Market

Mumbai: Plexconnect 2023, India’s first export-oriented plastics exposition, will smash business records with over 550 global customers from 70+ countries and 10,000 visitors in less than a month in Mumbai.

Leading Indian plastics processors have confirmed their involvement, and more are anticipated to join shortly.

The show, organised by the Plastics Exports Promotion Council of India (Plexconcil) under the Union Commerce Ministry from June 15-17, 2023, at the Bombay Exhibition Centre (NESCO), has received positive feedback, according to organisers.

The Plexconnect 2023 Reverse Buyer Seller Meet has 572 international buyers from 73 nations. Trade delegations from Uzbekistan, Korea, Israel, Kyrgyzstan, Indonesia, and Brazil will also interact with show participants. Over 80 Indian embassies and high commissions have promoted this government-supported event, which is expected to draw a global audience.

State Pavilions from Tamil Nadu, Telangana, Chhattisgarh, Uttar Pradesh, Maharashtra, Gujarat, Madhya Pradesh, Punjab, and Himachal Pradesh are expected to participate in Plexconnect 2023.

Hemant Minocha, Chairman of Plexconcil, estimated the global plastics export market at USD 1.2 trillion, with India’s share at 1.1%. He believes India can reach 3% of the market in two years.

He said the Council has worked with over 100 foreign ministries and the Ministry of External Affairs (MEA) to generate customer interest.

“We believe that rather than being the alternative to sourcing from China, our industry has the resources and the capabilities to become the world’s leading hub to source plastics,” Minocha said. Global supply chains have been disrupted since Covid. He said Plexconnect 2023 is important in this context.

“Considering the fact that 90% of the country’s plastics units are MSMEs, Plexconcil is in touch with the government to extend the benefits under the PMS Scheme to our exporters,” Sribash Dasmohapatra, Executive Director, Plexconcil, said. This will help facilitate their participation at very minimal or no cost to them.

The recent signing of the Economic Cooperation and Trade Agreement (ECTA) with Australia and the Comprehensive Economic Cooperation Agreement (CEPA) with the UAE are bound to be harbingers of increased role for the Indian plastics industry in international trade. “We are keenly looking forward to many more such agreements in the near future,” he said.

“The new Foreign Trade Policy (FTP) released on March 31 places renewed thrust on emerging areas like e-commerce, streamlining of the SCOMET policy, provision for merchanting trade, and encouraging overseas transactions in INR with an aim to make it a global currency are highly appreciated by the industry as such”, Dasmohapatra said.

India’s plastics export has been growing at a CAGR of 6.1% in the last five years, and PLEXCONCIL plans to double exports to reach USD 25 billion by 2025.

India currently exports to over 200 countries globally, including China, the US, UAE, Bangladesh, Nepal, the UK, Turkey, Germany, Italy and the Netherlands.

ABOUT PLEXCONCIL

The Plastics Export Promotion Council (PLEXCONCIL) – which acts as a bridge between the Industry and the Government – was established by the Ministry of Commerce & Industry, Department of Commerce, Government of India on 15th July 1955, as a non-profit organisation. It was one of several Export Promotion Councils (EPCs) launched by the Government to project India’s image abroad as a reliable supplier of high-quality products in order to give a boost to the country’s exports.

PLEXCONCIL is the apex body of the plastics industry in India and represents over 2,800 exporters who manufacture/export plastics products ranging from plastics raw materials to semi-finished and finished items. The Council has its headquarters in Mumbai and regional offices in New Delhi, Kolkata, Chennai and Ahmedabad,

Products from the Indian plastics industry are exported to over 200 countries across the globe.

For updates: https://plexconcil.org/