India's Chemical Industry on the Path to $300 Billion Growth by 2028
Key Ideas
- Union Minister J P Nadda emphasizes the need for India to address its dependency on imported feedstocks in the chemical industry.
- Nadda advocates for the adoption of alternative feedstocks like biomass, plastic waste, and green hydrogen, as well as expanding domestic natural gas sources.
- The chemical industry in India, currently valued at US$ 220 billion, is projected to exceed US$ 300 billion by 2028 and reach US$ 1 trillion by 2040.
- The shift towards green hydrogen presents significant opportunities for the industry, enabling deeper chemical integration, optimized energy use, and the implementation of circular economy principles.
During the 13th biennial International Exhibition, India Chem 2024 in Mumbai, Union Minister for Chemicals and Fertilizers, J P Nadda, stressed the importance of addressing India's reliance on imported feedstocks in the chemical and petrochemical industry. He highlighted the necessity for the industry to explore alternative feedstocks such as biomass, plastic waste, and green hydrogen, while also focusing on expanding domestic sources of natural gas. Nadda underlined that sustainability would play a crucial role in shaping the future of the industry. The event, organized by the Department of Chemicals and Petrochemicals in collaboration with FICCI, had the theme 'Advantage BHARAT: Indian Chemicals and Petrochemicals Paving the Future.' Nadda expressed optimism in the sector's growth potential, projecting its value to surpass US$ 300 billion by 2028 and aiming for a remarkable US$ 1 trillion by 2040. He highlighted the opportunities presented by the transition from Oil-to-Chemicals and the utilization of green hydrogen, enabling the industry to reduce its environmental impact while fostering economic development.