India’s chemical exports are expected to cross $30 billion the current financial year after a dip seen in 2023-24 and the size of the industry is expected to grow to $ 300 billion this calendar year with the support announced in the budget, export promotion council for the sector said.
The exports of organic and inorganic chemicals had dropped 3.17% to $ 29.3 billion in FY 24 and in the April-December of this financial year the exports have already touched $ 21.2 billion, up 4.97% on year, chairman of CHEMEXCIL (basic Chemicals, Cosmetics and Dyes Export Promotion COuncil) said. The size of the Indian Chemical industry was around $ 220 billion in 2022 and is projected to reach $300 billion in 2025 and $ 1 trillion by 2040, he added.
The Council is focusing on emerging markets and promoting green chemicals and bio-based specialty chemicals to align with global sustainability trends. These initiatives are set to boost exports significantly. The council also welcomed the proposal in the budget to cut duties on essential raw materials such as phosphoric acid, boric acid, and sorbitol. These duty cuts along with the package of measures to boost MSMs will boost manufacturing and exports from the sector.
