Indian chemical industry projected to reach USD 300 billion by 2030

Ministry of Chemicals and Fertilizers stated in a latest update that India is the sixth-largest producer of chemicals in the world and the fourth-largest in Asia. The Indian chemical industry is projected to reach USD 300 billion by 2030 and USD 1 trillion by 2040, with significant growth being witnessed. The sector’s growth potential is supported by rising demand, export opportunities, a demographic dividend, relatively low per capita consumption and enabling government initiatives.

India’s emergence as a preferred global destination is being supported by governance reforms, world-class infrastructure, robust trade and investment policies, a strong regulatory framework and the availability of skilled labour at competitive costs. The chemicals and petrochemicals sector are expected to play an important role in strengthening domestic manufacturing, expanding global value-chain participation and supporting India’s long-term economic aspirations.

Powered by Capital Market - Live News