Chemical exports rebound with 5% growth; industry set to hit $300B, aided by duty cuts and a sustainability focus.
India’s chemical exports are projected to exceed $30 billion in the 2024-25 financial year, rebounding from a dip in 2023-24, according to the Basic Chemicals, Cosmetics & Dyes Export Promotion Council (CHEMEXCIL). The industry, currently valued at around $220 billion, is expected to grow to $300 billion this year and reach $1 trillion by 2040.
Exports of organic and inorganic chemicals had declined by 3.17% to $29.3 billion in FY24. However, in the first nine months of the current fiscal year (April-December), exports have already reached $21.2 billion, marking a 4.97% year-on-year increase.
CHEMEXCIL is prioritising emerging markets and sustainable chemical production, including bio-based speciality chemicals, to align with global trends. The council also welcomed the Union Budget’s proposal to cut duties on essential raw materials like phosphoric acid, boric acid, and sorbitol, which is expected to enhance manufacturing and exports.
Additionally, government support for MSMEs through targeted measures is set to further strengthen the sector, making Indian chemical exports more competitive globally.
(Source: Maritime Gateway)
