Indian chemicals industry expected to reach $304 Bn by 2025: D V Sadananda Gowda
The demand for chemicals is expected to expand by 9 per cent per annum by 2025.
Union Minister for Chemicals and Fertilisers D.V. Sadananda Gowda virtually addressed the National Dialogue on Manufacturing Excellence and Innovation for Competitiveness and Sustainability of Chemicals Manufacturing in New Delhi, recently. Secretary, Chemicals & Petrochemicals, Yogendra Tripathi; Additional Secretary (Chemicals), Samir Kumar Biswas; Director General, Indian Chemical Council, H. S. Karangle; CMD, HIL India Ltd, Dr S.P. Mohanty; Regional Representative of UNIDO in India, Dr. Rene Van Berkel and senior officials of the Ministry were present on the occasion.
Speaking on the occasion, Gowda said that the Chemicals and Petrochemicals sector will play an important role in achieving the goal of 5 trillion-dollar economy. The Minister informed that the Indian chemicals industry stood at 178 billion dollar in 2019 and is expected to reach 304 billion dollar by 2025 and the demand for chemicals is expected to expand by 9 per cent per annum by 2025. Achieving the industry’s ambitious growth targets will require a combination of policy intervention, company-level initiatives, industry-academic partnerships, wise investments, and greater international access, he added. The minister hoped that United Nations Industrial Development Organisation (UNIDO) will support domestic industry with international best practices and policy and technical assistance.
The minister informed that in our country, the chemical industry occupies a pivotal position in meeting basic needs and improving quality of life as well. The chemical sector, which is knowledge- and capital-intensive, is the mainstay of industrial and agricultural development, and provides building blocks for downstream industries such as textiles, papers, paints, soaps, detergents, and pharmaceuticals, among others. The fertiliser and agrochemical industries ensure food security, and are thus vital to India’s developing and agrarian economy. Likewise, the synthetic fiber industry is crucial to providing affordable clothing, and the pharmaceutical industry gives the country’s vast population access to low-cost drugs, he added.
The minister said that today, our domestic industry and investors are feeling much more confident and optimistic in spite of an uncertain global situation and pandemic like COVID-19. He urged that Indian companies and chemical industries should take advantage of this opportunity and bring about structural changes in the chemical industry. The minister expressed his confidence in Indian scientists, policy makers, farmers, MSMEs and entrepreneurs and industry leaders for making India the manufacturing hub, ensuring that the country manufactures products which are ‘Made in India’ but are ‘Made for the World’.