Government of India is Planning to Make India a Manufacturing Hub of Chemical & Petrochemical Products
Oct 11, 2019
Government is looking to cut down imports of various chemical products and planning to make India a Manufacturing Hub, thereby driving the Specialty & Petrochemicals Market.
1st September-2019, India: Government of India (GOI) is planning to boost domestic production of chemicals and petrochemicals to cut down imports and make India a manufacturing hub for the sector. According to the market study, India’s net imports have risen to Rs 1.21 lakh crore in 2018-19 from mere Rs 1,000 crore in 2004-05 and there is a projection that this figure could touch Rs 3 lakh crore by next five years. The government has set a target of 9 per cent growth for this sector and is making policy accordingly. The government wants that factories should come up in a cluster so that it could provide all infrastructure facilities at one place.
Masterfox Consulting Group (MCG) finds out that the government’s focus on chemical sector will be strengthening the specialty chemicals & petrochemicals industry which would lead to higher domestic production and reduction in unnecessary imports.
Moreover, rapid population expansion has elevated food security concerns in underdeveloped and developing countries due to improper storage infrastructure and food grains distribution. This as a result, leads to increasing high yield-enhancing agrochemicals demand owing to propel specialty chemicals market over the forecast timeframe. The automotive industry is also one of the most lucrative industries for the specialty chemicals market owing to its widespread application across automobiles.
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