New Delhi, May 14 (PTI) The Indian Institute of Packaging (IIP) announced the launch of the National Packaging Innovation Challenge on Wednesday, which aims to promote scalable and creative packaging solutions to students and startups.
IIP President Sunil Jain said at the Foundation Day event here that the challenge is focused on the promotion of permanent packaging for MSMES, India, export packaging and packaging innovation.
The IIP, an autonomous body under the Ministry of Commerce and Industry, also conducted a live pocaton, which is a real-time innovation competition addressing industry-specific packaging challenges.
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IIP Additional Director and Regional Officer Tanveer Alam said that increasing global demand for permanent packaging provides an important opportunity for Indian manufacturers.
According to industry estimates, the global biodegradable packaging market is estimated to reach USD 98.7 billion in 2023 by 2032 to reach USD $ 176.9 billion.
The Plastic Export Promotion Council hopes that India’s plastic export price will double from USD 12 billion and by 2027 up to US $ 25 billion.
Highlighting the immense potential for the youth in the packaging industry, Sunil Jain said, “With global demand on growth, skilled youth can lead the next wave of change.” PT RR Bal
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