NCDEX tips: Indian chemical sector likely to double its size at $300 billion by 2025
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Terming India’s chemical sector as the driving engine of the manufacturing sector, Department of Chemicals and Petrochemicals secretary Rajeev Kapoor has said that Indian chemical sector is likely to double its size at $300 billion by 2025 from current $150-155 billion, clocking an annual growth rate of 8-10 percent. In order to meet this objective, the Centre has also announced plans to bring a new policy to promote the domestic industry and curb imports.
The secretary highlighted that the sub-sectors like specialty chemicals and agrochemicals are growing at a higher pace. He also said the department is working on a draft chemical policy which would focus on meeting the rising demand for chemicals from domestic industry and reduce dependence on imports. But he did not give any deadline by when this draft would be unveiled.
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