Chemicals & Petrochemicals Sector provides several building blocks and raw materials for many key sectors of economy including agriculture, infrastructure, healthcare, textiles and consumer durables. Petrochemical products cover the entire spectrum of daily use items ranging from clothing, housing, construction, furniture, automobiles, house-hold items, toys, agriculture, irrigation and packaging to medical appliances.
The global chemical & petrochemical market size is presently estimated at US$5.0 Trillion. Indian chemical & petrochemical industry accounts for about 3% of the world chemical & petrochemical market. The size of Indian Chemical & Petrochemical Industry wasUS$163 Billion in 2017-18 and expected to grow at around 9.3% annually. Thus, the projected size of Indian chemical & petrochemical Sector by 2025 is expected to be of the order of US$ 304 Billion. The contribution of chemical & petrochemical manufacturing sector is projected to be US$ 1 Trillion by 2025 and it is expected to contribute 26% of the same.
The Production Linked Incentive (PLI) Scheme is ongoing initiative of the Government and different products including Chemicals & Petrochemicals may be included from time to time.
The information was given by the Minister of State for Chemicals and Fertilizers, Shri Bhagwanth Khuba in a written reply in the Lok Sabha today.
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MV/AL