Indian chemical industry stands out to be the third largest producer and 12th in the world in terms of volume.
Country's chemical industry has tremendous scope to increase share in global trade and is expected to reach $224 billion in next financial year from $144 billion at present, a senior government official said on Thursday.
"India is an important player in the global trade of chemicals, plastics and allied products. There is tremendous scope to increase our share in the global trade. The value of global chemical industry is estimated at $3.26 trillion, while the output of Indian chemical industry is $144 billion," Joint Secretary, Ministry of Commerce and Industry, B S Bhalla said on the sidelines of an exhibition on chemicals here.
"The global chemical industry is expected to reach $4.5 trillion, while Indian chemical industry is estimated to reach $224 billion in fiscal year 2017," Bhalla said.
The initiative to organise 'CAP India 2016' exhibition are aimed to showcase the capabilities of potential sectors and serve as a strong networking platform between players round the globe, he said. Finding new markets for exports is a part of government's vision of achieving exports of $900 billion by 2020 and raise India's share in global exports from 2% to 3.5%, he added.
At present, India's global contribution is at a nascent stage, Bhalla said adding over the last few decades, the chemical industry has seen an increasing shift towards Asia, where Indian chemical industry stands out to be the third largest producer and 12th in the world in terms of volume.
India accounts for approximately 16% of the world production of dyestuff and dye intermediates, particularly for reactive acid and direct dyes, he said. Four export promotion councils, CHEMEXCIL, PLEXCONCIL, CAPEXCIL and SHEFEXCIL will jointly organise, CAP India-2016 chemicals and plastics exhibition in Mumbai from March 20-22. Over 250 exhibitors and 125 foreign buyers are expected to participate in the CAP India.
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