MUMBAI: The Centre is working with manufacturers of chemicals, plastics and allied products to boost their shipments as it expects the segment to play a major role in achieving its vision of $900 billion exports by 2020, a senior official said today.
“We are working closely with the chemicals, plastics and allied products industry players and implementing strategies to exploit the opportunities for investments and increasing Indian exports,” B S Bhalla, Joint Secretary of the Ministry of Commerce and Industry, told reporters here.
“With the new and simplified Foreign Trade Policy 2015 in place, we are confident of making Indian products as the most competitive globally,” he added.
Chemicals, plastics and allied products will play a major role in achieving the government’s vision of raising exports to $900 billion by 2020, Bhalla said.
Currently, companies under four industry bodies — Plastics Export Promotion Council (Plexconcil), Chemical and Allied Products Export Promotion Council (Capexil), Chemical and Shellac and Forests Products Export Promotion Council (Shefexil) — account for exports worth $35 billion, Bhalla said.
The government has sought suggestions from these councils on bringing modern technology in the sector and exploring new export markets, the official said.
Promoting exports has been an important aspect of the ‘Make in India’ mission. Enhancing domestic output and providing help in accessing markets overseas for Indian products are two aspects of this mission, he said.
“We appreciate the joint endeavour by four of our export promotion councils.
“While sharing a common vision of making in India and making it for the world, it is time that India offers a complete value chain solution for the sector.
“We have the manpower, expertise, enterprise, natural resources and the right policy environment to emerge as the global manufacturing hub and enhance our exports substantially,” he said.
Chemicals, plastics and allied products reported 5 per cent decline in exports to $20 billion in April-October 2015 over the same period last year. The subdued performance was mainly due to overall slowdown in the global economy.
Meanwhile, in a major initiative to promote exports of chemicals, plastics and allied products, the Ministry of Commerce and Industry is organising an event, CAPINDIA 2016, here from March 20 to 22 to project India as a reliable sourcing hub.
The three-day event is being jointly organised by Plexconcil, Chemexcil, Capexil and Shefexil and would be one of the largest such gatherings so far in India.