Packaging view: IFCA’s Chandrasekhar Rajagopalan

Growth and projections in the Indian packaging market

Rajagopalan highlights the commendable economic growth that India has been experiencing, with GDP consistently growing at a rate of 7% year-on-year. This economic momentum serves as a foundation for various industries, including packaging.

“The packaging sector is poised for substantial growth, with projections ranging between 9 to 12%. This surge indicates the sector's pivotal role in supporting and complementing the overall economic expansion,” he adds.

In the sustainable packaging regard, Rajagopalan mentioned that the Budget 2024 discussions particularly focused on green and biodegradable polymers. This signals a commitment towards sustainable practices, aligning with global efforts to address environmental concerns associated with conventional packaging materials.

Also, he draws attention to ongoing discussions within the Bureau of Indian Standards (BIS), emphasising the need for standardisation in the packaging industry. This initiative aims to enhance the quality and sustainability of packaging materials, ensuring they meet established benchmarks.

Government initiatives, EPR regulations and policies

Central government has notified harmonised rules for Extended Producer Responsibility (EPR). While currently applicable only to the packaging sector, there is a call for its extension to other industries. EPR ensures that products are safely retrieved at the end of their lifecycle, aligning with the circular economy goals.

“The overarching goal is to achieve a circular economy, primarily focusing on the principles of Reduce, Reuse, and Recycle (3R). This objective can be realised within three to five years, fostering a sustainable and environmentally responsible approach to production and consumption,” says Rajagopalan.

He expresses the need to address sensitivity issues in household waste segregation. He argues that for effective waste management, it is crucial to create awareness and implement practices that encourage responsible waste disposal.

Outlook for the packaging industry for 2024

The packaging industry is actively involved in education and awareness initiatives. The GreenSchool Pathshala, introduced by IFCA, conducts lectures for secondary school students. The aim is to instil the habit of proper waste segregation and emphasise its necessity.