Now Reading: NITI Aayog sees chemical exports reaching $81 billion by 2030
-
01
NITI Aayog sees chemical exports reaching $81 billion by 2030
India’s chemical industry could take exports to $76-81 billion by 2030, driven by speciality chemicals, petrochemicals and inorganic chemicals, according to a NITI Aayog report. The targets include $45 billion in speciality…
The Story in Brief
India’s chemical industry could take exports to $76-81 billion by 2030, driven by speciality chemicals, petrochemicals and inorganic chemicals, according to a NITI Aayog report. The targets include $45 billion in speciality chemicals, $26 billion in petrochemicals and $5-10 billion in inorganic chemicals.
The domestic chemicals market could reach $290-310 billion by fiscal 2030, while production may need to double from about $110 billion in fiscal 2023 to $220-280 billion. The report said consumption must grow 10-11% annually and production 14% annually over the next five fiscal years. Infrastructure gaps, regulatory hurdles and limited technological capacity remain obstacles. The industry could create 7 lakh to 10 lakh jobs by 2030.
The Indian Opinion
Claims that India can quickly become a chemicals superpower overlook the scale of the required expansion. The export targets are projections, not signed orders, and the industry still has to fix infrastructure, regulation and technology gaps. Equally, pessimism about import dependence ignores strong demand and India’s existing speciality chemical markets. The useful test is whether production can sustain 14% annual growth while export value moves towards the $76-81 billion range by 2030.
Source: thehindubusinessline.com
This story was synthesised by AI from the source linked above.
