By: ICN Bureau
Last updated : March 06, 2018 8:18 pm
The Indian chemical Industry has a potential to grow at 15 per cent per annum to reach $330 billion by 2020. Increasing domestic demand "” driven by strong growth outlook of key consumer industries like automotive and construction "” is expected to
The Indian chemical Industry has a potential to grow at 15 per cent per annum to reach $330 billion by 2020. Increasing domestic demand ? driven by strong growth outlook of key consumer industries like automotive and construction ? is expected to be the key growth driver, says a recently released report of Tata Strategic Management Group.
According to the report, good availability of
feedstock, proximity to several consumer industries and strong connectivity
through port, road and rail network are the key strengths for the chemical
industry in Maharashtra. However, the industry also faces some key challenges
including limited presence in high-value chemical segments and power shortage.
The report further says that Maharashtra could aspire to double its share of
India?s chemical production to approximately 15 per cent over the next few years
(in line with its contribution to the overall GDP). The key enablers for the
same are the following: