Chemical Industry to be empowered , growth to $226 billion by 2020
The union minister of state for Commerce and Industry, Nirmala Sitharaman has come out with great news for the Indian Chemical Industry. The domestic chemical industry is expected to grow to $226 billion by 2020.

There has been a decline in the chemical exports of 7.8% from $12.66 billion in 2014-2015 to $11.67 billion in 2016 which is in terms of value, but when it comes to the volumes, it has shown a remarkable growth of 7.51%.

The global chemical industry is estimated at $43 trillion, with Indian chemical industry accounting f or $147 billion in 2015. The budget of 2017 -2018 will put into use the new Trade Infrastructure Export Scheme which will help the exporters to reduce their transaction cost and be competitive globally; also it will help in reducing the corporate tax for MSME's by 5% in a way boosting the industry. The domestic chemical industry which is the 3rd largest producer in Asia and 12th in the world is the key constituent of Indian economy.

India is the fourth largest producer of agrochemicals. The Basic Chemicals and Dyes Export Promotion Council (Chemexcil) has played a key role in promoting exports of the products in its basket by showcasing the capabilities of Indian chemical industry to the world, expressed Smt. Nir mala Sitharaman.