New Delhi: India has the potential to scale up chemical exports to as much as Rs 7.73 lakh crore by 2030, according to a report by NITI Aayog.
The report said exports could be lifted to the Rs 7.25–7.73 lakh crore range by increasing domestic manufacturing and reducing reliance on imports. It noted that specialty chemicals are expected to play a key role in driving this growth.
Among segments with stronger export prospects, NITI Aayog highlighted dyes and pigments, paints, agro-chemicals, and chemicals linked to fragrances and flavours.
The report added that the value of chemical production should rise from Rs 10.50 lakh crore in 2022–23 to between Rs 21 lakh crore and Rs 26.73 lakh crore by 2030. To achieve this, output would need to grow at an average of 14% annually over the next five years.
India’s chemical consumption market could also expand to Rs 27.68–29.59 lakh crore by 2030, estimated to be up to 6% of global chemical consumption. The sector’s expansion could generate 7–10 lakh new jobs by 2030, the report said.
