India Eyes Global Leadership in Chemicals: NITI Aayog Charts $1 Trillion Vision for Sector

Targeted reforms encompassing a comprehensive range of fiscal and non-fiscal interventions will enable India to have a USD 1 trillion chemical sector and achieve 12 per cent GVC share by 2040, thus becoming a global chemical powerhouse, said NITI Aayog.

- STATESMAN NEWS SERVICE

In a landmark report titled "Chemical Industry: Powering India's Participation in Global Value Chains," NITI Aayog outlined a transformative roadmap to make India a global chemical manufacturing powerhouse by 2040.

The report provides a detailed assessment of the sector's current limitations, emerging opportunities, and a strategic plan to increase India's share in the global chemical value chain from 3.5 to 12 per cent.

The global chemical industry is undergoing significant shifts driven by realigned supply chains, rising demand for specialty and green chemicals, and growing emphasis on innovation and sustainability. India, while being the sixth-largest producer globally, remains heavily dependent on imports and suffers from a chemical trade deficit of USD 31 billion as of 2023.