India has achieved considerable progress in production of chemicals. And with slash in tariffs, Indian chemical companies with well-built systems and structured operations are likely to be benefited further.
It is not only country's oldest industry, but the Indian Chemical Industry has been contributing to India's growing economy in a phenomenal way. It may be hard to believe, but the industry serves the basic need of many different industry verticals like natural gas, water, oil, metals, minerals, air, oil, etc and all these verticals eventually bring into marketplace an array of products, almost 70000 products, to be precise.
Today, India has achieved considerable progress in production of basic organic and inorganic chemicals, pesticides, paints, dyestuffs and intermediates, petrochemicals, fine and specialty chemicals and toiletry product segments. And with slash in tariffs, Indian chemical companies with well-built systems and structured operations are likely to be benefited further. The companies manufacturing highly valued chemicals, and who are compliant of industrial quality standards, can make their mark not just in India but even in the overseas markets as well.
In Indian context, the rise in disposable income has led to improved chemical consumption. This has aided country's GDP climb further, from 9% to 13%. In an attempt to make the industry more progressive and flourishing, the government of India has introduced a slew of policies and special economic zones centering on the petrochemical sector. Furthermore, several manufacturing companies are focusing on expansion plans in the coming years.
Chemicals and chemical products influence our lives in a significant way. Be it donning synthetic clothes, or consuming drugs, or when it comes to using thermoplastic furniture at homes and offices, chemicals have become a way of life in this fast-changing world. In addition, the industry plays a pivotal role in agricultural and development sectors. Some of the other sectors, like engineering, automotive, consumer durables and food processing also depend on this sector in a big way.
The industry is on a high growth trajectory. The industry, through a series of efforts is expected to achieve USD 100 billion in the upcoming years. The industry's contribution to the Indian manufacturing sector is almost 17.6 percent. Since the ages, Indian chemicals have been traded and today imports stand at USD 7.92 billion and exports at 5.95 billion. And now with the onset of liberalization and globalization, the Industry is on a major expansion spree. The industry today is into manufacturing wide range of goods including fine and specialty chemicals, drugs and pharmaceuticals, dyes and pigments, agrochemicals and fertilizers, pesticides, plastics and petrochemicals etc.
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