The plastic industry is integral to India’s GDP due to its continuous expansion and growth. It brings together many plastic products, technology suppliers, and buyers conducting trade together. Boosting this exchange is PLEXCONCIL, which has taken the initiative to create new bilateral trade opportunities for the global and Indian plastics industries. The council leads the active participation in organising reverse buyer-seller meets, participation of Indian exporters at international trade fairs, collaborating with international trade associations, etc. As such, the government provides several financial and non-financial incentives for plastic exporters, some of which you can find below.
Government’s Financial Incentives for Plastic Exporters – An Overview
The government has created and promoted several schemes that financially incentivise plastic exporters. For instance, the Interest Equalisation Scheme supports traders’ access to affordable finances, and the RoSCTL scheme provides rebates on Central and state taxes and levies. The RoDTEP scheme refunds taxes and duties on exported products, which benefits several sectors of the plastic industry.
Financial incentives such as these provide valuable support to all exporters, enabling them to contribute to India’s economic growth and expand their global footprint. At the same time, the government makes ongoing efforts to promote the products and technologies created by these exporters. Special economic zones or SEZs also provide attractive incentives, such as tax benefits and duty-free procurements, making them a great business destination. Further incentives include duty credits and exemptions, which reduce production costs and improve the quality of the products.
PLEXCONCIL: Promoting India’s Plastic Growth
PLEXCONCIL has been a driving force in ensuring the growth of the plastic industry and expanding the reach of Indian exporters. One way it achieves this purpose is by conducting its plastic exhibition in Mumbai, PlexConnect, which connects several leading buyers and exporters. The council provides them with a common meeting ground to trade their innovations and products through this plastic exhibition in India. Even in 2024, there will be 900 buyers and approximately 500 exporters, making one of the biggest exhibitions connecting global plastic industry leaders.