Confident of achieving US$ 31 billion chemical export target in FY25: CHEMEXCIL

The Ministry of Commerce's Basic Chemicals, Cosmetics and Dyes Export Promotion Council (CHEMEXCIL) is dedicated to boosting the export of these products, which currently generate around US$ 1 billion annually to South America. Director General of Basic Chemicals, Cosmetics and Dyes Export Promotion Council, Mr. Raghuveer Kini announced that the export target for the fiscal year 2024-25 is set at US$ 31 billion, fuelled by strong demand for "made in India" chemicals in markets such as Brazil, the US, Japan, and Saudi Arabia. In the first half of the fiscal year, chemical exports increased by 4.57% to US$ 14.1 billion, and he expressed optimism about a significant rise in exports during the latter half of the year, particularly following last year's decline due to drought conditions in Brazil.

To prepare exporters for upcoming challenges, CHEMEXCIL is organizing awareness programs on the European Union's forthcoming carbon tax, which will take effect on January 1, 2026. This tax will impact seven carbon-intensive sectors, including chemicals, emphasizing the need for exporters to understand compliance requirements. Director General of Basic Chemicals, Cosmetics and Dyes Export Promotion Council, Mr. Raghuveer Kini highlighted the growing global demand for Indian chemicals, which are recognized for their quality and adherence to international standards. However, he also pointed out that infrastructure challenges at major ports and payment issues related to the rupee-ruble trade mechanism are hindering trade. To address these obstacles, he recommended enhancing road networks and increasing the number of authorized banks for transactions between India and Russia. 

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