New Delhi: The Indian Chemicals industry, which accounts for 2.51% of its overall GDP and 15.95 per cent of its manufacturing, is expected to grow at 15% per annum over the next few years.
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 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.”
Prasad further added, “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.”
The industry also promised that it was geared up for the development of innovative, green and safe solutions for its consumers and would actively participate in Prime Minister Narendra Modi’s flagship policy of ‘Make in India’ and unique initiative of ‘Swacch Bharat’.
Prasad was speaking at the CII's conference on Chemistry Everywhere on ‘Doing Chemistry with a Purpose: ‘Innovative, green and safe solutions for life’.
The aim of the conference was also to deliberate on the campaigns introduced by the Modi Government- ‘Make in India’ and ‘Swatch Bharat’. The campaigns require an established and stable, competitive but profitable, Chemicals supply chain.