The Indian Chemicals industry, which accounts for 2.51 per cent of its overall GDP and 15.95 per cent of its manufacturing, is expected to grow at 15 per cent per annul over the next few years.
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’ and unique initiative of ‘Swacch Bharat’.
Dr. AJV Prasad, Joint Secretary, Department of Chemicals and Petrochemicals, said: “The Chemicals industry already makes a major contribution to what’s made in India. The Chemical industry is expected to grow at a rate of 15% per annul over the next few years. The current government is working on the national chemical policy and will be coming up with the document soon.”
“The Indian Chemical industry including fertilizers and petrochemicals is estimated approximately at US$144 billion which is about 4% of the global market of $3.6 trillion. The industry accounts for 15.95 per cent of India’s manufacturing and 2.51 per cent of its overall GDP, however its impact is much broader,” Prasad added.
He said this at a conference organized by CII on ‘Doing Chemistry with a Purpose: ‘Innovative, green and safe solutions for life’. The forum provided an opportunity to consider what ‘Make in India’ really meant and its implications for the Indian industry with special focus on the chemical sector.