plastic park

🔆Plastic Park  

✅why in news: Union Government has given the final approval for setting up a plastic park at Ganjimutt in Mangaluru.  

✅It will be set up on 104 acres of Karnataka Industrial Areas Development Board (KIADB) land. 

✅ In that, 50% of the project cost will be borne by Union Government and remaining 50% by KIADB. 

✅ KIADB will create a special purpose vehicle (SPV) under its purview to implement the project. 

✅A polypropylene unit is to be set up in the park. This unit will provide raw materials to the polymer and plastic units inside the park.  

✅Polypropylene is a thermoplastic polymer. It is mainly used in plastic packaging. 

▪️Need For Plastic Parks :

 

✅The share of India in world trade of plastics is very low, it is about 1% in the global plastic exports market. 

✅ The Indian plastics industry is huge but highly fragmented with the dominance of small and medium units and thus lacks the capacity to take advantage of this opportunity. 

✅These parks have great potential for attracting investments and generating more employment opportunities for the local population. 

▪️Plastic Park Scheme 

✅ Under this scheme the Plastic Park are being developed by State Governments with the grant-in-aid funding support from Department of Chemicals & Petrochemicals, Ministry of Chemicals & Fertilizers. 

✅The Central Government provides grant funding up to 50% of the project cost, subject to a ceiling of Rs.40 crore per project. 

✅The ministry has approved setting up of 10 Plastic Parks in the country. 

✅The Scheme aims to increase the competitiveness and value addition in the plastic processing industry.