Summary:

The current budget proposals, which include lower import levies on essential raw materials and MSME support measures, aim to boost domestic production and increase chemical exports. CHEMEXCIL forecasts exports to reach Rs. 2,63,000 crore (US$ 30 billion) this fiscal year, following Rs. 1,86,000 crore (US$ 21.20 billion) by December 2024. Chairman Abhay Udeshi emphasized the importance of emerging markets, 'Green Chemicals,' and bio-based specialty chemicals, with key raw materials benefiting from reduced import duties.

CHEMEXCIL will honor outstanding exporters on February 8, 2025, in Mumbai, with Union Minister Anupriya Patel and Maharashtra Minister Uday Samant in attendance. Patel advocated for the adoption of new technologies, environmentally friendly practices, and value-added manufacturing. The Indian chemical industry, valued at Rs. 19,27,000 crore (US$ 220 billion) in 2022, is expected to grow to Rs. 26,28,000 crore (US$ 300 billion) by 2025 and Rs. 87,61,000 crore (US$ 1 trillion) by 2040.

Source: IBEF

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