MUMBAI: The country's exports of chemicals, plastics, construction materials and allied products stood at around $27 billion in 9-months period ended December 2016 as compared to $34 billion in FY 2015-16, an industry official said.
With Government's ambitious target of achieving an exports of $900 billion by 2020, chemicals, plastics and allied products will certainly play a major role.
"Currently, the sector accounts for exports of $32 billion with a significant scope of growth. We are working closely with the industry players and would soon implement a series of blue ocean strategies to enhance opportunities for investments and boosting Indian exports," the official said after inauguration of CAPIndia here.
Over 200 buyers from 36 countries are congregating at Mumbai for two-days at CAPIndia, a joint effort by four export promotion councils, CHEMEXCIL, CAPEXIL, PLEXCONCIL AND SHEFEXIL.
"The last two years have been very satisfying. The single minded purpose shown together by government, several policy makers, export promotion councils, exporters, have created the energy to turn the tide.
"We are already witnessing the green shoots of a high paced growth in Indian exports. This comes at a time when economies around the world are struggling to stay positive in their growth," secretary, Ministry of Commerce and Industry Rita Teaotia said.
The response to CAPIndia 2017 can well be considered as a good indicator of constantly improving world's preference towards Indian products which is needed to meet country's objective of export of $900 billion by 2022, Teaotia said.
Satish Wagh, Chairman, CHEMEXCIL, said "The recent years have witnessed the chemical industry gravitate towards Asia and making India a key player in the global market. The 100 per cent FDI in chemical sector by the government is helping the growth further, chemical industry provides employment to more than 2 million people in India."
The year 2017-18 can well go down in India's economic history as the best year in India's exports growth. The government is pulling all stops to push exports, he said.
Right from the Union Budget focusing on boosting trade and industry, tax reductions for SMEs, introduction of Trade Infrastructure Export Scheme, setting up of CBEC's Single Window Clearance System (SWIFT), Make in India initiative, relaxation in certain environmental norms, to the expected GST roll out, the focus on enhancing India's export is sharper than ever before, Wagh said.
Improvement in India's ranking in 'ease of doing business' is helping the overseas buyer feel more confident about India, he said.
Source: economictimes.indiatimes.com