Chemicals & Fertilizers - #SectorUpdates
India’s chemical industry is extremely diversified globally being the fourth-largest producer of agrochemicals accounting for 16% of the world production of dyestuffs and dye intermediates. Indian chemicals industry stood at $178 billion in 2019 and is expected to reach US$ 304 billion by 2025 exhibiting a CAGR of 9.3%. The demand for chemicals is expected to expand by 9% per annum by 2025 as an effect of COVID-19. The industry attracts 6.57% of the total FDI in India and generates employment for more than 5 million people of the country. Indian chemical industry contributes 7% to India’s GDP. Under the Union Budget 2022-23 the Government has allocated US$ 27.43 million to the Department of Chemicals and Petrochemicals. PLI schemes have also been introduced with a budget of US$ 213.81 million to promote Bulk Drug Parks.