Page 41 - Plastics News Issue June 2025
P. 41
COMPANY NEWS
tial concern for some Indian companies. To try nies. By headcount, it is the world’s largest de-
to avoid any disadvantage to Indian chemicals mocracy and is expected to have 20% of the
companies, India has proposed a compensation- world’s working population by 2030.[9] In 2024,
based “rebalancing mechanism”.[3] The details the UK exported $142 million of plastic and plas-
behind this are still unknown. tic-related products to India, $43 million of which
India accounted for 2.0% of all UK exports in
2024 and was the UK’s 12th largest export mar-
ket. India was the 11th largest source of UK im-
ports.[4] The UK exported £7.0 billion of goods
to India in 2024 but imported £10.8 billion, so has
a £3.8 billion deficit on trade in goods.[5] These
was raw material, nearly $88 million were plastic
products and $13 million was machinery.[10]
pre-established trade links are understandably
expected to grow in light of the FTA, with the
UK’s Department for Business and Trade (DBT)
estimating UK GDP will be £4.8 billion higher per
year by 2040 as a result, with UK exports to In-
dia estimated to increase by £15.7 billion.[6]
A recent survey by Grant Thornton found that
42% of UK businesses without a presence in In-
dia planned to build one over the next two years.
96% of businesses with a pre-existing presence The largest plastics tradeshow in India is called
in India planned to expand it.[7] The same sur- PlastIndia, which takes place every three years.
vey found that 73% of UK businesses felt an FTA In 2023, the five-day exhibition had 1,800 ex-
would encourage them to explore opportunities hibitors and 360,000 visitors.[11] The next edi-
in the Indian market.[8] tion of the show takes place in February 2026
and the BPF is hosting a British Pavilion, featur-
India is a tantalising market for plastics compa- ing companies from across the plastics supply
June 2025 PLASTICS NEWS 41
