India's plastics demand to double by 2020 to 20m tonnes/year

01 February 2012 05:37  [Source: ICIS news]

NEW DELHI (ICIS)--India's plastics demand is estimated to double to 20m tonnes/year by 2020 from the current 10m tonnes/year, a senior executive of the PlastIndia Federation said on Wednesday.

Global investors are looking for opportunities in India because of the country's huge growth potential, said Ashok Goel, president of the PlastIndia Federation.

He was speaking at the inauguration of India’s largest plastics event, the 8th International Plastics Exhibition and Conference or PlastIndia, which takes place every three years. The six-day event is being held on 1-6 February in New Delhi this year.

"India is a land of opportunities," he said.

India's growth story will be based on burgeoning demand and quality production, he said.

He said India's plastics industry has underplayed its own strength, and that the industry has to change its mindset to succeed.

"Quality of thought is our strength," he said.

Additional reporting by Ong Sheau Ling and Prema Viswanathan

By: Chow Bee Lin
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