What the chemical industry holds for India

The growth of chemical industries
The chemical sector has grown from 13 to 14 % in the past years the government has maintained that the chemical industry is one of the industries of the key growth sector of the Indian economy. It forms a major part of the basic goods industry and is significant when it comes to agricultural development and industrial development. 100 % FDI is permissible here. Basic chemicals like the petrochemicals, paints, fertilizers, perfumes, varnishes, pharmaceuticals, glass, etc. create a vast industry that is related to various other industries. It is also today the most diversified industrial sector with around 70,000 commercial products. The total FDI in 2014-15 was $ 669 million and the cumulative FDI at $ 10.5 billion till May was 2015. The global sales doubled over the last years due to the emerging economies which are responsible such as China, where the sales were 26 %. The basic chemical growth makes for almost two – thirds of the industry. The future growth of the chemical industry will largely depend on the developing new markets where the gains will range from 6 to 10 percent compared to 3 percent in the developed economies. The industry today has both small scale and large scale units as well as MNCs and produces various products that range from petrochemicals to toiletries.
Exports of chemicals

The total exports of organic, inorganic, dyes, dye intermediates, agrochemicals, essential oils, cosmetics, incense sticks castor oil, etc. stood at $ 12.7 billion in 2014-15. Most of the imports are to countries like UAE, US, UK, Saudi Arabia, and Bangladesh, etc. the chemical council of India holds promotional fairs and events to support and help the growth of industries and identify potential markets.

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