India is setting its sights on a $1 trillion chemicals industry by 2040, with the government pushing for a major expansion in manufacturing, research and investment to transform the country into a global hub for speciality, battery and semiconductor chemicals.

 

Launching the 14th edition of India Chem 2026 in New Delhi on Tuesday, Union Minister of State for Chemicals and Fertilizers Anupriya Patel said the government is focused on building the infrastructure and policy ecosystem needed to make the sector a key engine of economic growth and advance the vision of a developed India by 2047.

 

The flagship biennial chemicals and petrochemicals event will be held in Mumbai from October 22 to 24.

 

The Minister said the chemicals and petrochemicals sector has the potential to become a major growth engine for the Indian economy. She called for closer alignment between key national initiatives, including the Critical Mineral Mission, Rare Earth Corridor, India Semiconductor Mission 2.0, National Manufacturing Mission and FDI reforms.

 

The objective, she said, is to position India as a global hub for battery chemicals, speciality chemicals and semiconductor chemicals by 2040.

 

 

Patel also highlighted the BHAVYA Rasayan Scheme, saying it should go beyond being an infrastructure programme and create the conditions for companies to innovate, invest and expand.

 

"It was mentioned that the guidelines of the scheme have been released and urged the industry to engage with the state governments for timely submission of the proposals," the statement said.

 

She also urged the industry to step up spending on research and development and adopt newer technologies.

 

The Department of Chemicals and Petrochemicals is pursuing the Department of Science and Technology to have chemicals and petrochemicals recognised as a priority sector under the new Research Development Innovation Scheme (RDI), which has an outlay of about Rs 1 lakh crore.

 

Patel said these measures would help achieve the government's larger ambition of developing India's chemical sector into a $1 trillion industry by 2040.

 

 

Secretary, Department of Chemicals and Petrochemicals, Tejveer Singh, described the chemicals sector as the bedrock of India's economic growth and development.

 

Highlighting the department's initiatives, Singh said the vision of dedicated chemical parks is now close to becoming a reality through the BHAVYA Rasayan Scheme.

 

The proposed parks will provide plug-and-play facilities, infrastructure and other support aimed at improving efficiencies and reducing production costs, he said.

 

Singh also underlined the importance of sustained R&D investment for growth, innovation and global competitiveness. He added that the department is working with the Department for Promotion of Industry and Internal Trade (DPIIT) on import-substitution exercises covering the chemicals and petrochemicals sector.

 

Joint Secretary, Department of Chemicals and Petrochemicals, Deepankar Aron, said the 14th edition of India Chem is aimed at attracting investment and facilitating business-to-business partnerships across the sector.

 

FICCI National Petrochemicals & Plastics Committee Chairman and HPCL-Mittal Energy Ltd MD & CEO Prabh Das said India needs to focus on increasing production and has the government's full support for the effort.

 

S Ganeshkumar, Co-Chair of the FICCI Chemicals Committee and MD of Chemplast Sanmar Ltd, said India's chemical sector has the capacity to absorb large-scale capital, leverage foreign direct investment and emerge as the world's most lucrative chemical industry.

 

India Chem 2026 is being organised by the Department of Chemicals and Petrochemicals in partnership with the Federation of Indian Chambers of Commerce and Industry (FICCI).

 

The three-day event will feature an international exhibition and conference bringing together industry leaders, policymakers, investors, researchers and international participants.

 

The programme will include sector-specific conclaves on agrochemicals, petrochemicals and speciality chemicals, besides sessions on infrastructure, environmental issues, and process, plant and machinery.

 

Region-specific forums covering India-US, India-EU, India-Russia and India-Japan cooperation will also be held.

 

The theme of India Chem 2026 is “Advantage Bharat: An Emerging Global Hub”, underscoring India's expanding capabilities and opportunities in the global chemicals and petrochemicals industry.