NITI Aayog today launched a report titled Chemical Industry: Powering India’s Participation in Global Value Chains. The report aims to showcase an extensive analysis of India’s chemical sector, highlighting both opportunities and challenges, and outlining a pathway for positioning India as a key player in global chemical markets. The NITI Aayog, in a statement, said India is set to increase its global chemical value chains share from 3.5 per cent in 2023 to five to six per cent by 2040, which will ignite the country’s Chemical transformation
The report outlines several strategic fiscal and non-fiscal interventions aimed at enhancing India’s global competitiveness in the chemical sector. It also mentions initiatives listed that aim to transform aspirations into actionable progress. These establishments will create world-class Chemical Hubs in the country through revamping existing clusters and developing new ones, developing existing port infrastructure, FTAs for industry growth, talent and skill upgradation in the chemical industry, among others.
