In addition, Shah says India is also planning to invest 36 million dollars to establish upper stream polymer sectors to meet the continuous increasing demand of plastic processing industry.
"The Indian Plastics Foundation are also intending to establish academic centers in Dungara and Gujarat areas in order to provide specific education and training for employees," he adds.
A recent study by market researcher Assocham, reveals India’s packaging industry to be growing at an annual rate of more than 15 per cent, driven by a high demand for cosmetics amongst other goods.
While investment and business research agency Aranca, places the global packaging industry at USD $15.6 billion, the Indian economy growing at an annual rate of nine percent, and that of the plastics industry reaching 15 percent.
‘A call for more investment’
Assocham notes key drivers of growth in India as being an increase in disposable income, and rising consumer awareness which is providing multinational giants with more opportunities.
“The packaging sector holds great opportunities for large players, however, there are challenges due to lack of regularity clarity arising from multiple legislations that define the sector.”
The market researcher further highlighted the need to meet more stringent packaging norms laid down by the entry of global players and rising consumer awareness on what is sustainable, as creating a shift towards more green materials for packaging.
“This will call for more investments in the research and development areas.”
According to a recent market research report from the Freedonia Group, polymers used in a variety of packaging and as natural ingredients in applications, particularly those used in anti-aging formulations, are helping to drive the global market.
"Natural polymers are playing an increasingly important role in the formulation of cosmetics, including gums and starches such as hyaluronic acid, as well as protein-based polymers such as collagen – with collagen and hyaluronic acid both becoming leading ingredients in the fast growing anti-aging category."