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India-US Trade Deal Opens $75B Plastic Market for Indian Exporters

The India-US trade deal presents a major opportunity for the country's plastic exporters to access the vast US market, valued at about $75 billion in annual imports. Industry expert Arvind Goenka states that India's current $2.2 billion in plastic exports to the US could double in the coming years. The deal is expected to not only boost direct exports but also enhance India's reputation as a reliable global supplier, benefiting trade with other regions like the Gulf and Europe. Ultimately, this increased demand for high-quality products for the US market could also lead to their domestic manufacture and availability in India.

Key Points: India-US Trade Deal to Boost Plastic Exports, Industry Says

  • Opens large US market
  • Chance to double exports
  • Establishes global identity
  • Increases trade with other regions
2 min read

Trade deal will increase India's share in US plastics market: Industry

Industry leaders hail the India-US trade deal as a golden opportunity to double plastic exports and establish India as a global supplier.

"Our plastic exports to the US could double in the next few years. - Arvind Goenka"

New Delhi, Feb 11

The India-US trade deal has brought a major business opportunity for domestic plastic exporters, which will help the country increase its share in the US plastics market, according to industry leaders.

Speaking to IANS, Arvind Goenka, Managing Director (MD) of RMG Polymers India Limited, said, "The India-US trade deal will open up a large US market for domestic plastic exporters."

He further said that the US imports plastics annually are worth around $75 billion. Currently, India's plastic exports to the US are about $2.2 billion.

"Therefore, this agreement is a golden opportunity for Indian companies to increase exports. Our plastic exports to the US could double in the next few years," he mentioned.

He further added that the US is also a major buyer of PVC (polyvinyl chloride). If the US purchases plastic and PVC products from India in large quantities, these goods will be exported to other countries as well. This will give Indian products a new identity in the global market, said Goenka.

According to his, this agreement will not only prove beneficial for the plastic industry but will also help establish India as a strong and reliable supplier.

He further stated that the US economy is worth $30 trillion and its population is approximately 340 million.

Consequently, due to higher incomes, there is a high demand for high-quality products. When demand for high-quality products increases in the US, similar products will be manufactured in India, which will then be sold in India, benefiting the general public.

According to Goenka, India-US trade will also increase the country's exports to other countries.

He cited the example that whenever a product is exported to the US, its acceptance automatically increases in countries like the Gulf, Europe and Russia. Therefore, as trade with the US increases, India will also benefit from trade with other countries.

- IANS

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Reader Comments

P
Priya S
Great opportunity, but we must be cautious. Increasing plastic production has environmental costs. I hope the government and industry invest equally in recycling infrastructure and sustainable alternatives. Growth should be responsible.
R
Rohit P
The ripple effect mentioned is key. Once our products get the 'US-approved' tag, exports to Europe and Gulf will become easier. This is how we build 'Brand India' globally. Make in India getting a real boost!
S
Sarah B
Interesting perspective from the industry. As a consumer, I'm curious about the last point - will we see better quality domestic plastic goods in our own markets now? That would be a direct benefit for us.
V
Vikram M
$2.2 billion to $75 billion... that's the size of the gap and the opportunity! Our polymer industry has the scale. Need to ensure competitive pricing and consistent quality to capture this market share. Jai Hind!
K
Karthik V
A respectful criticism: The article only quotes one industry leader. It would be good to hear from trade experts or environmentalists for a balanced view. Nonetheless, the potential for economic growth is undeniable.

We welcome thoughtful discussions from our readers. Please keep comments respectful and on-topic.

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