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Indian Chemical Industry key constituent of the economy – Nirmala Sitharaman
Indian Chemical Industry expected to grow to US $ 226 billion by 2020

 


Mumbai: March 24,2017

The chemical industry in India is a key constituent of the Indian economy, accounting for about 7% of GDP. Indian Chemical Industry is the 3rd largest producer in Asia and 12th in world. 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 before the world. Stating this at the CHEMEXCIL Exports awards function Minister of State for Commerce & Industry, Smt. Nirmala Sitharaman said “While exports of CHEMEXCIL have shown a decline of 7.8% from USD 12.66 billion in 2014-15 to USD 11.67 billion in 2015-16, i.e. in terms of value, in terms of volume, exports have shown a remarkable growth of 7.51 % from 5298405.62 MT in 2014-15 to 5696439.88 MT in 2015-16, which is a positive sign for exports.”

The Minister stated that the Union Budget 2017-18 focuses on boosting trade and industry. The reduction in corporate tax for MSME by 5% and introduction of Trade Infrastructure Export Scheme will help Indian exporters reduce transaction costs to become globally competitive. Other initiatives like setting up of CBEC’s Single Window Interface for Facilitating Trade (SWIFT), Make in India programme, relaxation in certain norms of environmental issues and expected GST roll out are expected to spur growth in the Chemical Sector.


She declared “India is looking to boost trade and investment with the Cambodia, Laos, Myanmar and Vietnam (CLMV) region as part of the 'Act East' policy. The government has encouraged Indian manufacturers to create value chains with CLMV countries to leverage Generalised Scheme of Preferences (Zero duty) benefit extended by USA & EU.”

On the Implementation of the Trade Facilitation Agreement (TFA): The Minister said “ The agreement, which seeks to ease customs norms, came into effect from 22nd Feb 2017, with two-thirds of WTO members ratifying the pact. The WTO's trade facilitation agreement (TFA) is expected to reduce transaction costs and promote exports. It is said that full implementation of the pact is forecast to slash trade costs by an average of 14.3 per cent, with developing countries having the most to gain.”


About 'Make in India' initiative, she said “The government is focusing on boosting manufacturing, promoting research and development and setting high standards for products.” The Minister said she was happy to note that CHEMEXCIL has implemented and completed a host of export promotional activities which have resulted not only in enhancing exports, but also in creating awareness in the international market. Likewise, the educative Seminars/Buyer Seller Meets organized by the Council in various regions have also created awareness amongst the member-exporters about the various government promotional schemes.

The Basic Chemicals, Cosmetics & Dyes Export Promotion Council, popularly known as CHEMEXCIL is one of the oldest Council’s which was established in the year 1963 with its headquarters at Mumbai. The Council has been entrusted with the task of making concerted efforts to promote exports of Basic Organic and Inorganic Chemicals, Dyes, Pesticides, Soaps, Detergents, Cosmetics, Toiletries and other products like Essential Oils, Castor Oil etc. The Indian chemical industry is one of the most diversified sectors and covers more than 80,000 commercial products. The global chemical industry is estimated at U.S. $ 4.3 trillion, with Indian chemical industry accounting for US$ 147 billion in 2015. The Indian chemical industry is expected to grow to US $226 billion by 2020. Regular organisation of RBSM like CAPINDIA will help penetrate existing and new export markets such as EU, USA, Africa, Middle East, and Asian countries.

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