* Rise in demand from end-user industries such as food processing, personal care and home care is driving development of different segments in India’s specialty chemicals market.
* Chemicals and petrochemicals demand in India is expected to nearly triple and reach US$ 1 trillion by 2040.
* India is the 6th largest producer of chemicals in the world and 3rd in Asia, contributing 7% to India’s GDP.
* India’s specialty chemicals companies are expanding their capacities to cater to rising demand from domestic and overseas.
* With global companies seeking to de-risk their supply chains, which are dependent on China, the chemical sector in India has the opportunity for a significant growth.
* In July 2023, Global Chemicals and Petrochemicals Manufacturing Hubs in India (GCPMH 2023) was organized in Delhi, India.
* The government plans to introduce a production-linked incentive (PLI) scheme to promote domestic manufacturing of agrochemicals.
* Under the Union Budget 2023-24 the government allocated Rs. 173.45 crore (US$ 20.93 million) to the Department of Chemicals and Petrochemicals.
* Government to open 25,000 Jan Aushadhi Kendras to make medicines available at affordable prices.
* In April 2023, the Cabinet approved the National Medical Devices Policy, 2023.
* FDI inflows in the chemicals sector (other than fertilisers) reached US$ 21.71 billion between April 2000-September 2023.
* The Department of Chemicals & Petrochemicals intend to bring PLI in the chemical & petrochemical sector and will redraft the Petroleum, Chemicals and Petrochemicals Investment Region (PCPIR) guidelines.
Covering more than 70,000 commercial products, India’s chemical industry is extremely diversified and can be broadly industrial sector.
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