Trade deal will increase India`s share in US plastics market
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.
