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 Commerce minister Piyush Goyal on Friday said that country’s exports were stalled at around $500 million till 2020, but the scenario has changed in the last two years and the country has managed to touch the $776 million mark in the export sector.

Out of the total exports, the plastic industry’s contribution was $12 billion and it has the potential to grow. 

“The sector has the potential to add business opportunities, jobs for young generation, opportunities in the world and it can help the government to grow the entire ecosystem of the plastic sector over the next few years, the minister said while addressing the 2nd Technology Conference for growth of plastic industry, virtually, held at Mumbai. 

Goyal said that the government is always ready to listen to their suggestions for the orderly growth of this industry in the near future. 
He informed that two FTAs were finalised with Australia and UAE last year and currently the government is actively negotiating with many other countries. 

He urged the plastic industry to significantly use these FTAs and expand their basket, access newer markets and promote greater exports. 

Goyal further pointed out the potential for huge import in this sector by both UAE and Australia. While underlining the importance of quality, he said that government is striving for quality and high standards and will not accept substandard production in this sector.

Therefore, government is awaiting the suggestions from the industry to make it more reliable and at par with the global standards and will implement them immediately.

He assured that the government is very sensitive to the potential of the industry as well as to the problems of the industry. 

Goyal also asked them to identify the ways to contribute to sustainability and sustainable growth together and how they can contribute to circular economy and support recycling of plastic waste, reuse of plastic raw material and make the disposal of plastic waste more effectively and efficiently.