Like Europe and the United States, India faces a slowdown in growth. But unlike those countries, the problem in India is that growth has been too rapid, thus leading to uncomfortably high inflation. The challenge for policymakers is to balance the fight against inflation while retaining sufficient growth. top market research companies
Although the size of the global chemical industry is about USD 3tn, the Indian chemical industry has an output of around USD 80bn and ranks 12th in the world.
The chemical industry, which includes basic chemicals and its products, petrochemicals, fertilizers, paints and varnishes, gases, soaps, perfumes and toiletries and pharmaceuticals is one of the most diversified of all industrial sectors covering thousands of commercial products. It plays an important role in the overall development of the Indian economy, contributing about 3% in the GDP of the country.
While the overall industrialization and economic growth in India provides major opportunities for growth of the chemical industry in India, some severe constraints and obstacles include:
• Surging of imports from the Asian and Middle Eastern countries
• Increasing number of producers from the Middle East (with a feedstock cost advantage) and China aggressively pursuing Indian markets because of very low tariff levels
• growing menace of dumping generic chemical products
• high cost of power, energy, finance and capital equipment
• internal transaction costs being one of the highest in India.
• Internal taxes – valued-added tax (VAT) rates substantially higher than those of other Asian countries.
• High logistics cost due to poor infrastructure
• State levies, entry taxes adding to the local transaction cost
Over the last decade, the Indian chemical industry has evolved from being a basic chemical producer to becoming an innovative industry. With investments in R&D, the industry is registering significant growth in the knowledge sector composed of specialty chemicals, fine chemicals, and pharmaceuticals. Market watchers anticipate the Indian chemical industry will grow to USD 100bn by 2015.
Table of Contents
1. Industry profile
1.1 Industry overview
1.2 Segments of Indian chemical industry
1.3.1 Chemical sector
1.3.2 State-wise share in production of major chemicals
1.3.3 Petrochemical sector
1.3.4 State-wise share in production of petrochemical industry
1.4 Import & export
1.5 Investment in the chemical sectors
1.6 Petroleum, chemical and petrochemical investment region (PCPIR) policy
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