*Rise in demand from end-user industries such as food processing, personal care and home care is driving development of different segments in India’s specialty chemicals market.
*Chemicals and petrochemicals demand in India is expected to nearly triple and reach US$ 1 trillion by 2040.
*India is the 6th largest producer of chemicals in the world and 3rd in Asia, contributing 7% to India’s GDP.
*India’s specialty chemicals companies are expanding their capacities to cater to rising demand from domestic and overseas.
*With global companies seeking to de-risk their supply chains, which are dependent on China, the chemical sector in India has the opportunity for a significant growth.
*In July 2023, Global Chemicals and Petrochemicals Manufacturing Hubs in India (GCPMH 2023) was organized in Delhi, India.
*The government plans to introduce production-linked incentive (PLI) scheme to promote domestic manufacturing of agrochemicals.
*Under the Union Budget 2023-24 the government allocated Rs. 173.45 crore (US$ 20.93 million) to the Department of Chemicals and Petrochemicals.
*Government to open 25,000 Jan Aushadhi Kendras to make medicines available at affordable prices.
*In April 2023, the Cabinet approved the National Medical Devices Policy, 2023.
*FDI inflows in the chemicals sector (other than fertilisers) reached US$ 21.48 billion between April 2000-June 2023.
*The Department of Chemicals & Petrochemicals intend to bring PLI in chemical & petrochemical sector and will redraft the Petroleum, Chemicals and Petrochemicals Investment Region (PCPIR) guidelines.
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