Monday, February 23rd, 2009

Some Optimism in the Industry

I recently returned from Plastindia 2009 and the inaugural one-day plastics industry summit that we held in conjunction with the Plastindia Foundation and the Confederation of Indian Industry. Overall, the event went well and I believe offered the attendees useful information concerning the state of the industry in the two countries and some of the resources available to companies seeking to begin or expand exports to India. Perhaps more valuable, however, was the general sense of optimism from both the U.S. and Indian speakers concerning the opportunities presented by the Indian market.

And the numbers support the optimism:

  • 5 kilograms (or 11 pounds) — The weight of plastics consumed by the average Indian consumer per annum. Conversely, the average consumer in the United States uses almost 110 kilograms (or 242 pounds) of plastics per annum. Demand in India is expected to double in the next three years alone.
  • 7.3 percent — India’s GDP growth rate for 2008. Like the rest of the world, India, has certainly been affected by the global slow-down, but in India that means that GDP growth was simply down from the 9.0 percent increase seen in 2007.
  • 30,000 – The number of additional machines that India will need over the next three years in order for it to meet the increased demand for plastics in India.
  • 500,000 – The estimated number of mobile phones sold in India each day!
  • 526,382,000 – The value of U.S. plastics exports to India in 2008, up more than 300 percent over the last four years.
  • 1,147,995,904 – India’s estimated population as of July 2008, according to the entry for India in the CIA World Factbook.

When so many of the numbers that we hear on a daily basis are negative, I can tell you that it was refreshing to hear some numbers that we can all get optimistic about!

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