New Delhi, Feb.5 (ANI): Commerce Secretary G K Pillai on Thursday revealed that trade between India and the United States has grown by 25 percent in the last two years.
Speaking at the first India-USA Plastics Industry Summit 2009, Pillai said exports between India and US grew at 11 percent whilst non-oil imports stood at 25 percent.
Although certain sectors are affected amid financial crisis, but overall, the trade balance has been in favour, said Pillai, adding that in the last three months alone India has received Foreign Direct Investment worth seven million dollars.
Neelakamal Darbari, Joint Secretary in the Department of Chemicals and Petrochemicals, reflected upon the Government's enthusiasm on Petroleum, Chemicals and Petrochemical Investment Regions (PCPIR) policy.
Mirroring state government's interests in the development of indigenous petrochemical investment regions, she said Andhra Pradesh, Tamil Nadu, Karnataka, West Bengal, Gujarat and Arunachal Pradesh have submitted their PCPIR plans.
"The ministry aims to increase per capita plastics consumption by the end of current plan period to 11 to 12 kg as against present figure of 5 kg. Half a trillion investment in infrastructure restates diverse scope of plastics industry," she added.
Carmine D'Aloisio, Minister Counselor for Commercial Affairs, US Commercial Services, US Embassy, said the signing of breakthrough nuclear agreement has positioned India as an affiliate of civil nuclear commerce globally.
India is coming up as a strategic market for not just Multinational Corporation but mid cap enterprises as well. Industry bodies like CII must continue trade dialogue platforms to maintain industry optimism, he added.
Kamal Nanavaty, President, Polymers, Crackers and Chemical Sector, Reliance Industries Ltd., said, India will be the largest market in times to come. US companies are growing at the rate of 40 percent in India. India offers conducive tariffs environment and attractive capital cost. On the other hand USA has best of management practices with aspects of innovation, branding and the likes. Bringing together the plastics processing industry of the two countries will be a win-win situation.
Tejpreet Singh Chopra, Member, CII National Council and President and CEO, GE India, Sri Lanka and Bangladesh said, India offers US companies a great opportunity for new business ventures. As the consumption of plastics in India is set to double by 2012, the prospects of increased retails are getting higher. We hope that the delegates present here will benefit from sharing ideas, and networking. CII will come up with an action plan with Plastindia Foundation to discuss plastic industry associations between India and USA.
Urging the industry to interact frequently, Neil Pratt, Sr. Director, International Trade and Trade Council, The Society of the Plastics Industry, Inc. stated, communication establishes relationships to further build associations. The Plastics industry should benefit form the promising prospects by collaborating, employing necessary tools and overcoming challenges.
Offering the welcome address, Arvind Mehta, President Plastindia Foundation, said, Indian economy has tools like SEZs, FDI and JV friendly environment which offers unmatched opportunities, for sustained exports growth. The supreme market potential is further held by India becoming the third largest consumer of plastics globally by 2012.
In the vote of thanks, Amar Seth, Vice President, Plastindia Foundation, said, educative and informative points have come in today as part of the deliberations of the industry and government's representatives. (ANI)