India's chemical industry set for strong growth, global market expansion amid investment push
The chemical and petrochemical industry supplies essential inputs to several key sectors, including pharmaceuticals, textiles, construction, automobiles, electronics and consumer goods
India's chemical and petrochemical industry is set for strong growth and global market expansion, according to the Department of Chemicals and Petrochemicals under the Ministry of Chemicals and Fertilisers. The sector currently holds a significant position in the global market, ranking sixth in chemical production and fourth in Asia, with an industry value of approximately $220 billion.
The industry is projected to reach $300 billion by 2030 and $1 trillion by 2040. India's chemical and petrochemical industry is crucial for several key sectors, including pharmaceuticals, textiles, construction, automobiles, electronics, and consumer goods. The government is implementing various initiatives, such as developing dedicated chemical parks, improving industrial infrastructure, expanding financing opportunities, and promoting research and technological advancement, to further strengthen domestic manufacturing and attract investments.
Brief written by urgent.news from Hindu BusinessLine's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
