MUMBAI, INDIA: The Indian chemical industry is expected to reach $226 billion by 2020, from $147 billion in 2015, said Nirmala Sitharaman, Hon’ble Minister for Commerce and Industry.
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 at the CHEMEXCIL export awards function.
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 top exports award for the year 2015-16 were bagged by Reliance Industries for Chemicals, Ambuja Intermediates for Dyes and Dye Intermediates, Ishedu Agrochem for castor oil & speciality chemicals and VVF India for Cosmetics and Toiletries.
Shankerbhai Patel of Ami Pthalo Pigments (chemical industry in Ahmedabad) and Ashok Manilal Kadakia of Emmessar Biotech & Nutrition (healthcare company in Mumbai) were the receivers of Life Time Achievement Awards. There were 55 awards given in various categories.
“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 congratulating the winners.
“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 chemical sector further,” concluded Wagh.
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