NEW DELHI, Feb 6: According to CHEMEXCIL, the recent budget proposals, which include reductions in import duties on essential raw materials and support for MSMEs, are expected to enhance domestic manufacturing and significantly boost exports in the chemical sector, potentially surpassing USD 30 billion this fiscal year.
Between April and December 2024, chemical exports amounted to USD 21.20 billion.
CHEMEXCIL Chairman Abhay Udeshi stated that the council is prioritizing emerging markets and promoting ‘Green Chemicals’ and bio-based specialty chemicals to align with global sustainability objectives.
“These initiatives are poised to greatly enhance our export capabilities. The budget is designed to facilitate increased trade, support manufacturing, stimulate exports, and improve the overall ease of doing business,” he noted.
The proposed reductions in duties will impact essential raw materials such as phosphoric acid, boric acid, and sorbitol.
Udeshi also mentioned that the council will recognize exemplary exporters on February 8 in Mumbai, with the presence of Anupriya Patel, Minister of State for Health and Family Welfare, Chemicals and Fertilizers, and Uday Samant, Maharashtra’s Minister of Industries.
According to Patel, the industry is encouraged to adopt advanced technologies, sustainable practices, and value-added manufacturing.
The Indian chemical industry’s size was approximately USD 220 billion in 2022, with expectations to grow to USD 300 billion by 2025 and reach USD 1 trillion by 2040.
As reported by the council, this diverse industry includes over 80,000 commercial products and provides employment for more than 2 million individuals, both directly and indirectly.
Established by the Department of Commerce, CHEMEXCIL aims to promote the export of chemical products, working closely with the government to develop export-oriented policies that support the sector’s growth. (PTI)
