India’s Plastics’ exports rise in January & February 2021 (Y-o-Y); near term outlook for exports looks bright as GoI-CIM steps in to give relief to exporters: PLEXCONCIL

The Plastics Export Promotion Council (PLEXCONCIL), the apex trade body of plastics exporters, has stated that plastics’ exports have grown in January 2021 (up 12.2% vis-à-vis January 2020) and February 2021 (up 3.2% vis-à-vis February 2020 on a provisional basis) – the second successive month of growth in plastics’ exports in the new year. In January 2021, nine of the product panels, namely, Composites / FRP products; Floor Coverings, leathercloth & laminates; Human hair; Pipes & fittings; Polyester films; Plastics raw materials; Rigid packaging & PET preforms; Woven sacks / FIBCs and Miscellaneous products witnessed a positive growth.

With the Union Minister of Commerce & Industry (CIM) doing continuous engagements with the plastics industry, which mostly comprise of MSMEs, the industry is witnessing stabilization in raw materials prices (particularly PVC Resin) in March 2021. The plastics industry welcomed the Union Minister of Commerce & Industry’s initiative to coordinate with different Ministries and Government bodies after PLEXCONCIL sought his intervention to ensure adequate raw material supply to the processors from petrochemical majors (including PSUs) at a fair price.

PLEXCONCIL also welcomed the clarifications issued by the GST Policy Wing on refund related issues for exporters vide Circular No. 147/03//2021-GST (dated 12th March 2021) issued by Department of Revenue, Central Board of Indirect Taxes and Customs, Ministry of Finance. The Board issued clarifications to ensure uniformity in the implementation of the provisions of law across the field on refund related issues wrt exporters. The clarification points out that there is no restriction on recipient of deemed export supplies in availing Input Tax Credit (ITC) of the tax paid on such supplies when the recipient files for refund claim. It clarified on extension of relaxation for filing refund claim in cases where zero-rated supplies have been wrongly declared in Table 3.1(a).

The recent announcement by Indian Railways to provide complete logistical support also comes as a great relief to the industry. Logistics form an integral part of export costs to plastics processors - increased number of containers, efficient supply-chain and lower costs therein will boost global competitiveness of plastics’ exporters. Indian Railways announced that it is further boosting Hon’ble Prime Minister’s Vocal For Local initiative & also increasing its contribution in exports by providing safe, swift & economical logistic solutions.

The CIM’s Digital India initiatives are also helping exporters. The Telegram channel of Shri Piyush Goyal ji, Hon. Union Minister of Commerce & Industry, Railways, Consumer Affairs, Food & Public Distribution (and channel on Koo: The Voices of India), has helped Indian exporters to stay updated with all the latest ministerial developments & progress of various Government policies.

Mr. Arvind Goenka, Chairman, PLEXCONCIL, said, “The growth in plastics’ exports in the first two months of 2021 are a reflection of the entrepreneurial spirit, resilience and determination of Indian exporters, who are facing many challenges. PLEXCONCIL has been seeking a level playing field, enhanced infrastructure, financial assistance for MSME, stable raw material prices, tax reforms and review of Inverted Duty Structure under GST amongst others. The Government of India’s recent actions have come as a relief to Indian plastics’ exporters and the export performance speaks for itself. The inclusion of plastics in the Government’s proposed PLI scheme will give a boost to Make in India for the world and also help in achieving AtmaNirbhar Bharat.”

PLEXCONCIL has expressed its sincere gratitude to the Hon’ble Union Minister Shri Piyush Goyal ji for his continued and regular interaction with the EPCs and timely intervention for helping overcome the challenges faced by exporters.

PLEXCONCIL also welcomed the Government of India's thrust on tapping the global toys market, which is projected to reach revenue of more than US$ 120 billion by 2023, growing at a CAGR of around 4% during 2017-2023. The Indian toys market was worth US$ 1.75 billion in 2019.

It its endeavor to promote plastics exporters, PLEXCONCIL has lined up several Buyer-Seller Meets (BSMs) in virtual mode during this pandemic year.

The recent PLEXCONNECT: Virtual B2B for NAFTA region (US, Canada, Mexico) on 15-17 March, 2021, was inaugurated by Shri S Suresh Kumar – Joint Secretary, Dept of Commerce, in the presence of Ms. Apoorva Srivastava, Consul General of India in Toronto, Ms. Juhi Rai, Economic and Commercial Representative, Embassy of India, Mexico; Mr. Aldimir Torres, President, ANIPAC – a plastic industry association of Mexico, Mr. Amit Miglani – Secretary, Indian Mexican Business Chamber (IMBC). NAFTA imports plastics products worth US$ 187 billion every year. Yet, NAFTA plastics imports from India are valued at US$ 2.1 billion, which means India has share of just 1.1% in NAFTA’s Plastic import. This is a great opportunity for Indian plastics exporters to enhance their business.

Sribash Dasmohapatra
Executive Director
The Plastics Export Promotion Council
Dynasty Business Park, B Wing, Ground Floor,
Andheri Kurla Road, Andheri East,
Mumbai – 400059 - India
Tel : +91 22 40170000

About PLEXCONCIL
The Plastics Export Promotion Council (popularly known as PLEXCONCIL) sponsored by the Ministry of Commerce & Industry, Department of Commerce, Government of India, represents the exporting community in the Indian Plastics industry. The export promotion strategies evolved since 1955, the year when PLEXCONCIL was born, have fetched rich dividends, which is exhibited in the form of high export growth rates. These achievements represent the dedicated efforts of PLEXCONCIL members who are always in the process of creating a niche for themselves in the world markets by virtue of their determination to achieve technological excellence, a sense of commitment to satisfy their customers’ requirements and their inherent entrepreneurial qualities. The PLEXCONCIL on its part is committed to support the efforts of its members to achieve export excellence and service the overseas buyers to find appropriate trade partners in the Indian plastic industry. In its pursuit to achieve export excellence, various export promotional activities are undertaken by PLEXCONCIL. These include participation in international trade fairs; sponsoring delegations to target markets; inviting business delegations from the overseas to India; organising buyer-seller meets both in India and the overseas etc. and servicing the needs of its members. The Council also routinely undertakes research and surveys, organizes the Annual Awards to recognize top performing exporters, monitors the development of new technology and shares the same with members, facilitates joint ventures and collaboration with foreign companies and trade associations as well as represents the issues and concerns to the relevant Government bodies. Products from the Indian plastic industry are exported to over 200 countries round the globe with the major trading partners being the European Union, United States, China, UAE, Saudi Arabia, Turkey, Nigeria, Indonesia, Egypt, etc. For more information: http://www.plexconcil.org/

This release was published on openPR.