NITI Aayog sets $81 billion chemicals export target by 2030

India's chemicals industry can target exports of up to $81 billion by 2030, according to a NITI Aayog report released on August 15, 2026. The report identifies specialty chemicals, petrochemicals and inorganic chemicals as key growth areas, with a $45 billion target for specialty chemical exports alone. To meet the goal, production must grow at 14% CAGR and consumption at 10-11% CAGR over the next five fiscal years.

The domestic chemicals market is projected to reach $290-310 billion by fiscal 2030, accounting for 5-6% of global consumption. Production needs to double to $220-280 billion from about $110 billion in fiscal 2023. The report estimates the sector could create 700,000 to one million new jobs by 2030.

Separately, Mint reports that the government is drafting a new incentive framework for India's nutraceutical industry, currently valued at nearly $30 billion. The food processing ministry has begun industry consultations and sought inputs from the health ministry and FSSAI. The nutraceuticals market is projected to grow from $37-38 billion in 2026 to $55-57 billion by 2030, according to a CareEdge Ratings report. A decision on the framework is expected after consultations conclude.