SHILLONG, May 21 � The Federation of Indian Chambers of Commerce and Industry (FICCI) today said that India can achieve 7 to 8 per cent GDP growth in the next 12 to 18 months.
North East head of FICCI Biswajit Chakrabarty, said, the Indian economy is gathering steam and pace with an increased focus on manufacturing.
He said, �through the Make in India campaign, the Central Government aims to enhance industry�s competitiveness, establish Brand India and attract huge investments for national development.�
FICCI believes that India would be able to achieve a GDP growth of 7 to 8 per cent on this renewed focus. It further added that with the increased focus on manufacturing, India�s demand for plastic is also expected to grow many fold.
Chakrabarty was speaking at an interaction session here to promote the development of Plastic Processing Industry in the Northeastern States.
The session was organsised by FICCI together with Brahmaputra Cracker and Polymer Limited (BCPL) and the Meghalaya Government.
Chakrabarty further said that the Plastic Industry has been growing rapidly at 10 per cent compound annual growth rate over the last few years.
A FICCI study indicates 10 per cent growth for plastic processing industry over the next few years and the market is expected to reach 18 million tonnes by 2018.
The Northeastern region also consumes a wide range of plastic and polymer products, but Chakrabarty said the penetration level of plastic and polymer products in the region is much less as compared to national levels.
He said that to �capitalise and further enhance growth a special thrust is being laid on manufacturing and infrastructure, which are imperative for job creation and inclusive development.�
It was also highlighted that plastic industry is making significant contribution to economic development and growth of various key sectors in the country such as automotive, construction, electronics, healthcare, textiles, and FMCG.