Commerce Ministry working on strategy to boost chemical, plastics exports

Commerce Ministry working on strategy to boost chemical, plastics exports

New Delhi, Jul 23: The commerce ministry is working on an export promotion strategy to boost shipments of chemicals, plastics and allied products sector to push the growth of the country’s overall exports, an official said. For the formulation of the strategy, the ministry has constituted a sub-group to deliberate upon the issues of the sector.
The group, which held its first meeting on July 3, discussed the constraints hampering the growth of exports of chemicals, plastics and allied sectors.
The exercise is part of the overall initiative of the ministry to work on sectoral export promotion strategy to boost the country’s merchandise exports.
Exports of organic, inorganic and agrochemicals grew by 38 per cent to $10.7 billion in 2017-18.
Similarly, exports of plastics and its products rose to $5.3 billion in 2017-18 from $5.24 billion in the previous fiscal.
The main destination for these shipments include the US, China, UAE, Malaysia and Korea.
Since 2011-12, India’s exports have been hovering at around $300 billion. During 2017-18, the shipments grew by about 10 percent to $303 billion.
Promoting exports helps a country to create jobs, boost manufacturing and earn more foreign exchange.