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The COVID-19 impact is having a significant impact on how packaging is consumed today. India's packaging sector is fifth in terms of its economy, and it is also one of the fastest growing. According to reports, the sector is experiencing a CAGR of 22% to 25%. The packaging industry has been a key sector in driving innovation and technology growth in the country over the past few years and adding value across all manufacturing sectors, including agriculture and FMCG.
India will be focusing on the transition of this sector towards sustainability and smart solutions over the next decade. To further encourage innovation in this sector, the Government of India recognized the potential of the sector and issued a series of policies, including the single-use plastic ban policy, profit-linked tax incentive for food packaging, and adoption of the National Packaging Initiative.