India's Path to a Trillion-Dollar Chemical Industry
India aims to become a global chemical manufacturing powerhouse by establishing world-class chemical hubs and port-infrastructure clusters. A NITI Aayog report outlines strategies for increasing India's Global Value Chains share to 5-6% by 2040, creating 7 lakh jobs, and achieving a USD 1 trillion chemical sector.
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In a strategic move towards positioning itself as a leader in the global chemical space, India is contemplating the establishment of world-class chemical hubs. This initiative, outlined in a NITI Aayog report, also involves developing eight high-potential port-infrastructure clusters by 2040.
The report, titled 'Chemical Industry: Powering India's Participation in Global Value Chains', suggests that targeted fiscal and non-fiscal reforms could enable India to boost its Global Value Chains share to 5-6% and capture a USD 1 trillion chemical sector. This growth could result in an additional 7 lakh jobs by 2030.
The current 3.5% share in global value chains and a USD 31 billion trade deficit in 2023 highlight India's dependency on imports. The report proposes simplified environmental clearances and strategic Free Trade Agreements to enhance India's competitiveness.
(With inputs from agencies.)
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