The steady improvement in science and technology has led to the development of more and more products and substances that were previously unheard of in the world. One such element is the plastic. This material was completely unknown only a couple of centuries ago. The vulcanization process helped in the development of plastic very rapidly. Today, plastic is one of the most widely used materials in the world. If the plastic industry is to be discussed about, the role of India deserves a special mention. The Plastic Industry In India is not only flourishing rapidly but is also catering to the global needs of plastic to a large extent.
The Place of India in Global Plastic Industry
India plays an important part in the global plastic industry. India’s polymer imports have gone up from 0.44 MMT to 1.34 MMT during the period 2000-2005. However, India’s internal demand for polymers have also skyrocketed by a staggering 13 percent during 2005-2011. India has also increased its plastic production in recent years and a major portion of its total production is exported to several countries across the globe. It is to be kept in mind that this industry in India is still in an incubation stage and there is enough potential for further growth in the sector in India.
The Advantages of India is Sector
The main advantage of India in this sector is the easy availability of skilled and well trained laborers. India is known all over the world for its ability to execute any sort of work perfectly with the help of its army of skilled laborers. Apart from the availability of skilled labor force, there are many entrepreneurs in the country who are ready to invest their money in the industry. So, it can be said that each and every prerequisite for the plastic industry to flourish is present in India.
Plastic has become one of the most important materials in modern world. Keeping in mind the demand of the materials it can be said that this industry in India has bright future. The Indian government has also taken several measures in order to make India an important player in the global polymer industry. In future India can become an important exporter of plastic products, so, there is enough scope of earning huge profits in this industry.
In order to give a boost to the Plastic Industry In India several trade shows have been organized in the past and many more are in the pipeline. It is expected that the polymer industry in India will reach a record level soon. Several small scale units as well as large scale units have come up in recent years that are involved in the polymer business. All these business units together are making significant contributions towards the overall development of the polymer industry in India. However, if someone decides to try his hands at this business it is advisable to take the advices of expert consultants prior to the initiation of the business.