The domestic demand for polymers has been growing faster than the GDP, with projections indicating it will exceed $30 billion by 2047, a significant increase from $3-4 trillion in 2022.
The recent free trade agreements and the updated foreign trade policy have greatly stimulated growth within the MSME sector. Government incentives and schemes, particularly from the MSME Ministry, have further empowered businesses by promoting exports.
The strategic measures are driving the Indian plastics industry towards substantial growth and expanding its presence in the global market. With new projects worth ₹5.5-lakh crore currently in development, the Indian petrochemical industry is crucial to the country’s goal of becoming a
$1-trillion economy.
As reported by businessline, the sector’s importance is highlighted by both government initiatives and efforts towards international collaboration.
