'Chemical industry to grow at 15 pc per annum in coming yrs'

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SME Times News Bureau | 27 Nov, 2014
The Indian Chemicals industry, which accounts for 2.51 percent of its overall GDP and 15.95 percent of its manufacturing, is expected to grow at 15 percent per annum over the next few years, informed a government official Wednesday.

"The Chemicals industry already makes a major contribution to what's made in India. The Chemical industry is expected to grow at a rate of 15 percent per annum over the next few years. The current government is working on the national chemical policy and will be coming up with the document soon," Dr. AJV Prasad, Joint Secretary, Department of Chemicals and Petrochemicals said at an event organized by CII in New Delhi.

Dr. Prasad further added, "The Indian Chemical industry including fertilizers and petrochemicals is estimated approximately at USD 144 billion which is about 4 percent of the global market of USD 3.6 trillion. The industry accounts for 15.95 percent of India's manufacturing and 2.51 percent of its overall GDP, however its impact is much broader."

The industry is geared up for the development of innovative, green and safe solutions for its consumers and is wholeheartedly participating in Hon. Prime Minister Narendra Modi's flagship policy of 'Make in India' and unique initiative of 'Swacch Bharat'.

CII under the theme of Chemistry Everywhere Wednesday organised a conference on 'Doing Chemistry with a Purpose: 'Innovative, green and safe solutions for life'. The forum provided an opportunity to consider what 'Make in India' really meant and its implications for the Indian industry with special focus on the chemical sector.

Present at the occasion were Nadir Godrej, Chairman, CII National committee on Chemicals and Managing Director, Godrej Industries Ltd, Dr AJV Prasad, Joint Secretary, Department of Chemicals & Petrochemicals, Ministry of Chemicals & Fertilizers and experts from the industry and academia.

CII has a key role to play in raising the industry's profile and advocating its interests. The conference was a part of an on-going campaign- 'Chemistry Everywhere' to engage people in the vital and valuable contribution that the industry makes to the wellbeing of all Indians.

Lending his views on the occasion Nadir Godrej, Chairman, CII National committee on Chemicals said "For 'Make in India' to live up to its promise requires the collaborative efforts of many stakeholders including government, industry and academicians. We would also appeal various industries to reduce imports by encouraging indigenous production which will help us grow on the back of buoying campaigns like Make in India & Swatch Bharat. Chemistry is the solution to the society."

The aim of the conference was also to deliberate on the campaigns introduced by the Modi Government - 'Make in India' and 'Swatch Bharat'. The campaigns require an established and stable, competitive but profitable, Chemicals supply chain.