New Delhi, Aug 26: The Government of India has set an ambitious target of growing the country’s chemicals and petrochemicals sector into a $1 trillion industry by 2040, with a focus on investment, technology and manufacturing scale.
The target was highlighted at a high-level CEO roundtable chaired by Union Chemicals and Fertilizers Minister J. P. Nadda at Bharat Mandapam, New Delhi. Organised by the Department of Chemicals and Petrochemicals in partnership with Invest India, the meeting brought together more than 100 delegates from the global chemicals industry.
The government is looking to build a stronger industrial ecosystem rather than focus only on increasing production capacity. The approach includes encouraging investment, expanding domestic manufacturing and strengthening research, innovation and supply-chain resilience.
Minister Nadda also emphasised the need for continued engagement between the government and industry to identify bottlenecks and turn recommendations into time-bound action. Industry concerns and suggestions will be taken up with the relevant ministries.
The chemicals sector is expected to play a growing role in India’s manufacturing ambitions, with opportunities in specialty chemicals, petrochemicals and downstream processing. The industry could support exports, import substitution and employment, provided India strengthens its competitiveness in cost, technology and manufacturing scale.
The $1 trillion ambition marks a significant step in positioning chemicals and petrochemicals as a key pillar of India’s long-term industrial growth.