Indian chemical industry grow significantly by 2020

Indian chemical industry to grow significantly by 2020

10:30 AM, 25th April 2017
Indian chemical industry to grow significantly by 2020
Nirmala Sitharaman, minister for commerce and industry, who was also the chief guest at the Chemexcil export awards function.

By Shivani Mody

Presently, the Indian chemical industry is showing tremendous resilience in adverse global conditions. The exports are set to witness growth in value and volume terms as compared to last year. These were some of the key points of discussion at the Chemexcil export awards function, held in Mumbai, India on 24 March.

The Indian chemical industry is expected to reach $226 billion by 2020, from $147 billion in 2015, said Nirmala Sitharaman, minister for commerce and industry, who was also the chief guest at the Chemexcil export awards function.

In a year that could fall as one of the worst in global trade, the chemicals exports from India in 2015-16 went up by 7.5 percent in volume terms. And in the current year (April 2016 – Jan 2017) the exports have increased by 1.5 percent in value and 7.59 percent volume terms, she said.

Recognising the resilience shown by India’s chemical exporters she repeated that the impact of the steps initiated by the governments will be visible in the current financial year onwards. 

India is the sixth largest chemicals producer in the world and the third largest in Asia. The chemicals industry in India employs 2 million people. However, the exports were $11.68 billion in 2015-16 and in the current 9-month period of 2016-2017, it has touched $9.76 billion, she continued.

“The chemical industry has shown tremendous resilience in adverse global conditions. 80,000 commercial products causing 7 percent of GDP is an important contribution to national growth. India’s world market share of over 90 percent in castor oil is commendable and an example of our dominance in some of the categories,” she said.

“The winning formula of government's policy support for our exporters’ determination to grow is bound to increase our share in the world market. India has the talent, technology and infrastructure already. The reduction in corporate tax for MSME by 5 percent and the introduction of Trade Infrastructure Export Scheme will help Indian exporters reduce transaction costs to become globally competitive,” said Satish Wagh, chairman, Chemexcil.

“Other initiatives like setting up of CBEC’s single window interface for facilitating trade (SWIFT), ‘Make in India’ programme, relaxation in certain norms of environmental issues and expected GST roll out would spur growth in the chemical sector further,” said Wagh.

Chemexcil announced 55 export awards in various categories.

Two Life Time achievement award recipients were:

  • Shankar Bhai Patel, Partner, Ami Phthalo Pigments.
  • Ashok Kadakia, Chairman, Emmessar Biotech & Nutrition Ltd.

Eight Trishul award winners were:

  • Lalit Shah, Promoter, Ambuja Intermediates Pvt Ltd.
  • Vikram Udeshi, Director, Ihsedu Agrochem Pvt Ltd.
  • Mukund Kothari, Vice President, Exports, Reliance Industries Ltd.  
  • Ramesh Doraiswami, Managing Director, VVF (India) Ltd.       
  • Paru Jaykrishna, Chairperson and Managing Director, Asahi Songwon Colors Ltd.
  • Aslesh Parekh, Jt Managing Director, Gandhar Oil Refinery (India) Ltd.
  • Vaibhav Agrawal, Managing Director, Norex Flavours Pvt Ltd.        
  • Manish Shah, Managing Director, Prakash Chemicals International.

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