India announces plan to boost plastics production
Canadian PlasticsEconomy Plastics Industry Economic Changes/Forecast
The government of India has announced plans to set up plastics production parks nationwide in a bid to boost t...
The government of India has announced plans to set up plastics production parks nationwide in a bid to boost the production of plastic materials.
According to a report from market research firm Industrial Info Resources (IIR), the move is primarily aimed at making the downstream processes of the petrochemical sector competitive on a global basis.
The new initiative calls for much of the roughly 75 per cent of the plastic processing industry in India that functions as independent small-scale industrial units to be housed in central plastic-manufacturing parks in each of the Indian states, the IIR report noted.
More than $40 million will be invested at numerous sites that will range in size from 100 to 150 acres, according to the Sugar Land, Tex.-based IIR. The parks will host from 100 to 200 plastic processing companies and will be designed to offer combined outputs of approximately 200 tons per month.
“A feasibility report has been submitted to the Planning Commission of India, which is conducting a review process,” the report said. “In the meantime, at least three Indian states are beginning to follow up on the submitted plans in order to be first in line for the new plastics production zones.”
It may be two years or more before the first of the plastic parks is completed, the report concluded.