Chemical Industry to Touch USD 300 billion by 2025
mUMBAI, India: The chemicals industry is expected more than double and touch USD 300 billion by 2025 from USD 147 billion now, according to Chemexcil.

"The chemical sector is expected to double to USD 300 billion by 2025, clocking an annual growth rate of 15-20 per cent. To achieve this, government is also working on a draft chemical policy that will focus on meeting the rising demand for chemicals and reduce imports," chemicals export promotion council (Chemexcil) chairman Satish Wagh told PTI here. The industry is also targeting chemical exports of USD 18 billion by 2020 from USD 12 billion in FY17. In the first half of these fiscal, exports rose almost 27 percent to USD 7.19 billion.

The domestic chemical industry is the third largest in Asia and seventh in the world. The impact of measures initiated by government will be visible from the current financial onwards, he said. "We are unable to increase production to meet the demand. Over the past five years, there has been no capacity expansion by any of the companies because we don't get clearances from PCBs. This has dented our expor ts which provides huge oppor tunities and, of late, is also impacting domestic industries," said Wagh, adding this has led to large scale impor ts from China.

Several policy measures taken by the commerce ministry in its review of mid -term foreign trade policy for 2015-20 and incentives for MSMEs in the Budget will help us in achieving our growth target, he said.