Composites Industry wants govt support
Mumbai - The Rs 5,000 crore Indian Composites Industry, also known as Reinforced Plastics (combining polymer, glass fibre or carbon fibre) industry, has joined hands with Government of India’s ‘Make in India’ and expects immediate interventions in the form of special grants, incentives and sops from the Government.
Key members of the Composites industry put forth their wishlist ahead of its scheduled flagship ‘International Conference & Exhibition on Reinforced Plastics (ICERP 2017), which will be held from 10th-12th January 2017 at Bombay Exhibition Centre, Goregaon, Mumbai. This will be inaugurated by defence minister Manohar Parrikar.
The strong pitch from the industry for support from the Government and mainly from the Defence Ministry comes amid rising supplies of Russian and Chinese composites raw material in Indian defence sector. In the recent past, Russian and Chinese composites industry started focusing on India as a major exports markets for sectors like defence, aviation, auto, etc. The usage of FRP in Indian defense sector is abysmally low, Russia and China started guarding for India's lucrative market. As a result, Indian composites industry, which has been growing at a lower rate of 5% p.a. compared to the global rate of 12% p.a. is taking a big hit. The Industry players will hence handover a proposal to Parrikar at the event urging him to support the industry.