Need For More Robust Support For Specialised Chemicals: Sitharaman

While speaking at the third summit on global chemicals and petrochemicals manufacturing hubs in India, Union Finance Minister Nirmala Sitharaman has said that there is a need for more robust support for specialised chemicals.

While speaking at the event, she talked about the market of specialty chemicals which is growing exponentially at a 12 per cent compound annual growth rate (CAGR). 

She added, "The emergence of this market is driven by the country’s strong process engineering capabilities, low-cost manufacturing capabilities and abundant manpower."

Sitharaman said that the Indian chemical and petrochemicals sector has huge potential and it also impacts other sectors of the economy. 

"The importance of the sector can be gauged from the fact that it deals with more than 80,000 chemicals products which involve sectors like agriculture, infrastructure, textiles, pharma, packaging, etc," she mentioned.

She also stated that India is all set to become energy independent by 2047 and achieve net zero by 2070. The minister highlighted the need to focus on green growth and reduction in carbon intensity. 

The combined exports of major chemicals and petrochemicals in 2022-23 was USD 9 billion but imports also increased to USD 13.33 billion. "Many of these imports included items which can be produced in India itself and the Government is putting all our efforts in this direction as well," she asserted.