Agriculture

Indian chemical industry expects to grow by 15 percent

The Indian Chemicals industry which accounts for 2 51 percent of its overall GDP and 15 95 percent of its manufacturing is expected to grow at 15 percent per annum over the next few years
Indian chemical industry expects to grow by 15 percent

The Indian Chemicals industry, which accounts for 2.51 percent of its overall GDP and 15.95 percent of its manufacturing, is expected to grow at 15 percent per annum 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’.

CII under the theme of Chemistry Everywhere organised a conference 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.

Present at the occasion were Nadir Godrej, Chairman, CII National committee on Chemicals and Managing Director, Godrej Industries; Dr AJV Prasad, Joint Secretary, Department of Chemicals & Petrochemicals, Ministry of Chemicals & Fertilizers and experts from the industry and academia.

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. It is expected to grow at a rate of 15 percent 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.”

Dr. Prasad further added, “The Indian Chemical industry including fertilizers and petrochemicals is estimated approximately at US$144 billion which is about 4 percent of the global market of $3.6 trillion. The industry accounts for 15.95 percent of India’s manufacturing and 2.51 percent of its overall GDP, however its impact is much broader.”

Lending his views on the occasion Nadir Godrej, Chairman, CII National committee on Chemicals, said, “For ‘Make in India’ to live up to its promise requires the collaborative efforts of many stakeholders including government, industry and academicians. We would also appeal various industries to reduce imports by encouraging indigenous production which will help us grow on the back of buoying campaigns like Make in India & Swatch Bharat. Chemistry is the solution to the society.”

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. The daylong conference was divided into three phases- the inaugural session, session on chemistry everywhere entailing a panel discussion and an interactive session and the third phase delving deep into the economic and political facets to the industry.

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