Chemical Industry in India Why India's Chemical Industry Still Has Huge Potentials
The contribution of the chemical industry towards Indian economy is high. With the efforts by the Government of India along with collaborative approach of the industry, it is expected to grow further. Here are the major trends that analysts expect for chemical companies in India in 2015 and beyond...
The Indian chemical industry has immense contribution in the country’s economical growth. However, the industry, which was once known to be harmful to the environment, is now taking special efforts to go green. The industry is geared up for the development of innovative, green and safe solutions for its consumers and is wholeheartedly participating in Prime Minister Narendra Modi’s flagship policy of ‘Make in India’.
Why Experts Expect a 15 Percent Growth
Talking about the chemical industry’s contribution in the Indian economy, Joint Secretary, Department of Chemicals and Petrochemicals, Dr AJV Prasad said, “The chemicals industry already makes a major contribution to what’s made in India. It is further expected to grow at a rate of 15 percent per annum over the next few years. The current government is working on the national chemical policy and will be coming up with the document soon.”
Dr Prasad further added, “The Indian chemical industry including fertilizers and petrochemicals is estimated at approximately $144 billion, which is about 4 per cent. The global market is valued at around $3.6 trillion.” He further mentioned that the Indian chemical industry accounts for 15.95 per cent of the country’s manufacturing and 2.51 per cent of its overall GDP, however its impact is much broader.”
Lending his views on the growth of the chemical industry in the country, Chairman, CII National Committee on Chemicals, Nadir Godrej said “For ‘Make in India’ to live up to its promise requires the collaborative efforts of many stakeholders including government, industry and academicians. We would also appeal various industries to reduce imports by encouraging indigenous production, which will help us grow on the back of buoying campaigns like ‘Make in India’. Chemistry is the solution to the society.”
'Make in India' Initiative to Provide Further Impulse for Growth
The Make in India initiative has boosted the Indian chemical industry and has generated a new enthusiasm. With this boost, the industry is expected to achieve new heights in the years to come.