``The Indian packaging industry is estimated at Rs 650 billion and is growing at the rate of 15% per annum, which is almost double the growth of the global packaging industry, reflecting tremendous potential of the segment in the country,`` he said.
``To provide further thrust to the packaging segment in India especially the untapped glass packaging sector, HNG expects central government to continue lowering excise duty on various commodities, similar to FY 09-10. We also look forward to removal of customs duty on soda ash which accounts for 10 to 12% of cost of production of the glass products. The import duty on packaging machinery should be nil as well,`` he added.
``The glass packaging industry continues to grow remarkably, especially with the increased awareness and demand amongst consumers for eco-friendly and hygienic solutions. While the glass industry is currently experiencing a tremendous upswing, the untapped potential of the Indian market is reflected in the per capita glass consumption of around 1.40 kgs as compared to 5.9 kgs in China, 4.8 kgs in Brazil, 10.2 kgs in Japan and around 27.5 kgs in the developed countries of the West,`` he further added.
``The highest demand for packaging and the associated equipments come from the food processing sector that accounts for more than 50% of India's total packaging demand. To keep in line with the ever growing demand in the sector, the industry has witnessed a series of innovation in its best form especially with glass packaging, such as shape, light weighting, technology development etc. Alongwith providing thrust to the overall potential of the packaging sector, central government should also promote better eco-friendly packaging,` `he noted.
Source : myiris.com