Despite strong long-term growth drivers, the Indian chemical industry is facing pressure from rising raw material prices, logistics issues and supply-side constraints, as well as demand concerns because of the economic slowdown in Western markets.
Some respite, however, is now being provided by China, which has eased longstanding covid curbs. Lower oil prices are another positive, as it helps ease raw material prices and supplies. Even shipping rates and container availability have improved over time. Strong domestic demand for chemicals is another major positive.
However, analysts remain cautious and watchful about the impact of the global slowdown amid lingering recession worries.
Analysts feel that while the pace of rate hikes and inflation are falling, the interest rate hike cycle may continue for some time and inflation is still much higher than the 2% targeted by developed economies such as the US.
This story is from the January 28, 2023 edition of Mint Mumbai.
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This story is from the January 28, 2023 edition of Mint Mumbai.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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