India's chemical sector can reach $1 tn by 2040, create 7L jobs by 2030: NITI Aayog

TARGETED reforms will enable India to reach a $1 trillion chemical sector and achieve 12 per cent global value chain (GVC) share by 2040, thus becoming a global chemical powerhouse, a NITI Aayog report said on Thursday.

- 

India’s 3.5 per cent share in global chemical value chains and its chemical trade deficit at $31 billion in 2023, underscores its high dependence on imported feed-stock and specialty chemicals.

The vision for 2030 is for India to become a global chemical manufacturing powerhouse with a 5 per cent-6 per cent share of the global chemical value chain.

BVR Subrahmanyam, CEO of NITI Aayog, said the chemical sector is far bigger that several traditional industries in the country and this is the time to leverage it.

“We are a major producer of chemicals. This is a fast-growing sector. Chemicals, both organic as well as inorganic, are a part of our lives almost in everything we do,” he told the gathering.