An empirical study on remedial measures to overcome the challenges faced by plastic processing industry

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Indian plastic industry is one of the fastest-growing industries in the country and maintained a CAGR of more than 10 per cent in the last five years. The industry has even bigger potential to perform provided their challenges are addressed appropriately. Indian plastic processing units are mostly tiny units and classified under micro, small and medium enterprises (MSMEs). The plastic processing industry is undergoing a challenging phase that has been restricting its growth. The growth of the plastic processing industry is not uniform across the country and is mostly dependent upon various factors including geographical factors. Plastic is a versatile material but still considered an environmental pollutant and at the same time, heavy environmental costs are associated with its production and disposal. This has exerted an additional burden on the plastic processing industry. An empirical study was undertaken in the state of Punjab, India to suggest the remedial measures to overcome the challenges faced by the plastic processing industry. Literature review suggests that no such study was carried out in Punjab, India. The survey technique was adopted as the research strategy to collect the primary responses using a structured questionnaire. Quantitative data were gathered to attain statistical conclusions. A total of 207 valid responses were obtained mostly from the owner’s perspective. Secondary data were collected from various resources such as reliable websites, published literature, research papers, reference books, internet articles, industry bulletins and journals. The study has identified a total of 24 possible remedial measures to overcome the challenges faced by the plastic processing industry in Punjab. The current research has practical implications that are noteworthy to the professionals, industry people and policymakers as they can translate the research findings into practice that leads to improvement in business efficiency, social life and the environment.