Growth of Chemical Industry in India 2019


Chemical industry is one of the oldest known production industries of India which contributes significantly towards our overall GDP and import-export trade. It has been an important element in our national economic growth and has reinforced great trade relations within international province. Import export of chemicals has gone through a progressive age of digitalization and developed to be one of the prime digital-backed industries of our countries.

Chemical industry isn’t just about international export and business. The industry has various indigenous applications as well, thereby accounting for countless industrial and agricultural advancements in the country.

Market Position

It is an evident fact that Indian chemical industry has grown like never before in the past couple of decades. The industry has greatly been associated with every major economical contributor, not just nationally but on internationally grounds as well.

It has developed as the backbone of Indian economics and emerged as 6th largest chemical producer in the world and 3rd largest in Asia, making the list ofchemicals exported from India grow multiple times in recent years. Our Indian chemical industry is expected to grow by a staggering 8-9% in the coming years, henceforth doubling its share in the international chemical economy.

Conclusion

As a matter of fact, India is also its own biggest chemical consumer. As a progressive nation, we tend to consume an approximate 33% share of our chemical produce for various industrial applications. The Govt has also recognized the immense growth potential of chemical industry and therefore furnished a 100% provision for Foreign Direct Investment (FDI) in the chemical field. Its share in the GDP has rose to over 16% with great scope of improvement in the coming times.

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