Indian Economy News

India’s chemical sector supports the country’s broader industrial growth, has potential to generate 10 million jobs by 2040: Secretary, DCPC

India’s chemical sector is emerging as a key driver of industrial growth and has the potential to generate around 10 million jobs by 2040, according to Department of Chemicals and Petrochemicals (DCPC) Secretary Ms. Nivedita Shukla Verma. Speaking at an industry event, she highlighted the sector’s growing contribution to manufacturing, exports and economic development, supported by rising domestic demand and increasing global interest in India as an alternative manufacturing destination. The Secretary noted that the chemical industry plays a critical role in several downstream sectors, including pharmaceuticals, textiles, agriculture, automotive, infrastructure and consumer goods. India is currently among the world’s largest producers and consumers of chemicals, and the sector is expected to benefit from supply-chain diversification, policy support and investments in sustainable manufacturing. She emphasised that innovation, research and development, and adoption of advanced technologies will be crucial in enhancing competitiveness and supporting long-term growth.

The Secretary further stated that India’s chemical industry has the potential to become a major contributor to the country’s ambition of becoming a developed economy by 2047. The sector is witnessing increasing investments across speciality chemicals, petrochemicals and green chemistry solutions, supported by improving infrastructure and ease of doing business. Growing global demand, coupled with India’s skilled workforce and expanding manufacturing base, is creating opportunities for export growth and employment generation. She also highlighted the importance of sustainability, resource efficiency and circular economy practices in ensuring balanced sectoral development. With continued policy support, technology adoption and capacity expansion, the chemical sector is expected to strengthen India’s industrial ecosystem, enhance value addition across supply chains and create substantial employment opportunities over the next two decades.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.