Plastic Parks Scheme launched

Plastic Parks Scheme launched

Part of: GS Prelims and GS-II – Interventions related to Climate change and Pollution

In news

• The Ministry of Chemicals & Fertilizers has approved setting up of 10 Plastic Parks in the country.
• The Parks are being set up in the states of: Assam, Madhya Pradesh, Odisha, Tamil Nadu, Jharkhand, Uttarakhand and Chhattisgarh.
• A Plastic Park is an industrial zone devoted to plastic enterprises and its allied industries.
• Implemented by: A Special Purpose Vehicle (SPV) shall complete the setting up of the Plastic Park in a period of three years from the date of final approval.

Key takeaways

• Plastic Parks shall enable the plastic sector to move up the value chain and contribute to the economy more effectively.
• Major Objectives: (1) Increase the competitiveness, polymer absorption capacity and value addition in the domestic downstream plastic processing industry through adaptation of modern measurers; (2) Achieve environmentally sustainable growth through innovative methods of waste management, recycling, etc.
• The Central Government provides grant funding up to 50% of the project cost, subject to a ceiling of Rs. 40 crore per project.
• The remaining project cost is funded by the State Government, beneficiary industries and by loan from financial institutions.