India Targets US$ 1 Trillion Chemicals Market by 2040: Union Minister for Chemicals and Fertilisers Mr. J. P. Nadda
- IBEF
- October 23, 2026
India aims to develop a Rs. 95.05 lakh crore (US$ 1 trillion) chemicals market by 2040, Union Minister for Chemicals and Fertilisers Mr. J. P. Nadda said while inaugurating the 14th edition of India Chem 2026 at the Bombay Exhibition Centre, NESCO, in Mumbai. He highlighted the favourable environment emerging for the growth of the chemicals and petrochemicals sector, supported by clear policies, government backing and industry participation. These factors are creating new opportunities for investment and sectoral expansion.
Under the proposed ‘Bhavya Rasayan’ scheme, the Central Government would provide Rs. 1,000 crore (US$ 105.21 million) for each chemical park, while the concerned state government would contribute a minimum of Rs. 500 crore (US$ 52.60 million). World-class infrastructure, including port, rail, air and road connectivity, would be crucial to the selection and success of these parks. Maharashtra Chief Minister Mr. Devendra Fadnavis highlighted the sector’s potential to support the state’s ambition of becoming a Rs. 95.05 lakh crore (US$ 1 trillion) economy, noting that it already employs three lakh people in Maharashtra. Union Minister of State for Chemicals and Fertilisers, and Health and Family Welfare, Ms. Anupriya Patel reaffirmed the Centre’s commitment to sectoral growth through policy support, streamlined regulations and infrastructure development. The three-day India Chem 2026, themed “Advantage Bharat: An Emerging Global Chemicals Hub”, will conclude on Saturday.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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