Mumbai is buzzing with excitement as India aims to become a leader in the global chemical sector. The goal is bold: to reach over $1 trillion by 2040. This ambition was a key focus at the recent 18th India Chemical Industry Outlook conference.
The Indian Chemical Council (ICC), which champions the chemical industry, hosted this event. It brought together industry leaders, policymakers, and investors to discuss how to strengthen India’s chemical landscape for the future.
Currently, India’s chemical industry is worth around $220 billion, establishing itself as a vital player globally. A significant white paper by McKinsey & Company shed light on the challenges and opportunities ahead. The report suggests that India can thrive within the global chemical market, emphasizing innovation and resilience.
Kartik Bharat Ram, President of the ICC and Joint Managing Director at SRF Ltd, spoke to over 700 delegates. He shared his optimism about the sector’s future, citing growth driven by rising domestic demand and competitive pricing.
Government backing and technology developments are crucial to this momentum. The ICC was recently honored with the 2024 OPCW Hague Award for its commitment to chemical safety, reinforcing its role in the industry. Ram stressed the importance of transforming India into a global chemical powerhouse.
Nivedita Shukla Verma, Secretary of the Department of Chemicals & Petrochemicals, joined the discussion virtually. She highlighted the necessity for ongoing investment and research, announcing five new Centres of Excellence and plans for three more to strengthen ties between the industry and research bodies.
Deepankar Aron, Joint Secretary of the Department, emphasized that to meet Prime Minister Modi’s vision of a developed India by 2047, the economy must grow rapidly. This includes aiming for a $26 trillion economy and increasing individual income levels.
Last year, chemical exports were noteworthy, reaching $45 billion and accounting for 7% of all exports. Foreign investment has also been significant, nearing $20 billion over 20 years, emphasizing the sector’s role in India’s economic growth.
Marco Mensink, Director General of the European Chemical Industry Council, discussed how global changes could present new opportunities for India’s chemical sector.
The conference also covered critical topics such as technological advancement and sustainability. Discussions included the integration of artificial intelligence and digital resources in chemical production, showcasing innovations like carbon capture and sustainable practices. The importance of hydrogen production in lowering carbon emissions was also highlighted.
As the world shifts toward eco-friendly practices, India is stepping up. The ICC noted that rising investments in technology are driving a transformation. Initiatives like blockchain for supply chains and AI for quality control are making the industry more competitive.
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