TestCloud
Prep • Practice • Perform
Log In

India Enhances Polymer Sector with Plastic Parks Scheme and Ranks 12th Globally in Plastic Exports.

National | Dated: 16 Apr 2025

The Department of Chemicals and Petro-Chemicals under the Ministry of Chemicals and Fertilizers is implementing the Scheme for Setting up of Plastic Parks under the umbrella initiative New Scheme of Petrochemicals. The scheme aims to develop Plastic Parks equipped with state-of-the-art infrastructure and common facilities to promote polymer-based industrial growth.

🎯 Key Highlights:

  • - According to 2022 World Bank estimates, India ranks 12th globally in plastic exports.
  • - India’s plastic export value has shown substantial growth, rising from 8.2 million thousand USD in 2014 to an estimated 27 million thousand USD in 2022.
  • - The Government of India, through the Scheme for Setting up of Plastic Parks, offers financial assistance to support project implementation. Under this initiative, up to 50% of the project cost is covered, subject to a maximum ceiling of Rs. 40 crores per project. This substantial financial aid aims to encourage the development of world-class infrastructure in the plastics sector.

💡 Other Important Facts:

  • (i) The scheme is designed to enhance the competitiveness, polymer absorption capacity, and value addition in India’s domestic downstream plastic processing industry.
  • (ii) It also aims to boost investments, expand production capacities, and encourage export-oriented growth in the sector by facilitating an enabling environment for stakeholders.
  • (iii) To ensure sustainable industrial growth, the scheme emphasizes the use of environmentally responsible methods. Additionally, it adopts a cluster development approach, which focuses on resource optimization, economies of scale, and improved coordination among stakeholders to achieve greater efficiency and impact.

📚 Test Your Knowledge:

Recently, what is India’s global rank in plastic exports according to the 2022 World Bank estimates?

Correct Answer: 12th

🚀 Quick Recap:

About Ministry of Chemicals and Fertilizers

  • Minister : Jagat Prakash Nadda
  • Headquarter : New Delhi