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Exciting Insights into Global Chemical Production and Trade By S. Ganesan, UPL Limited
For India to become $5,000bn ($5 trillion) economy by 2024, focus must shift to manufacturing goods.
Chemical production is closely correlated to industrial and manufacturing activities.
96% of the manufactured goods require chemicals to produce them.
Papers, medicines, pesticides, paints, cars, computers, mobile phones, shoes, clothes, furniture, building materials etc. require chemicals to produce.
For India to become $5,000bn ($5 trillion) economy by 2024, focus must shift to manufacturing goods.
Generic drugs and generic pesticides account for more than 50% of India’s chemicals export.
Chemicals can lead India’s merchandise export and easily reach $ 100 bn in the next 3 years.
Needed – Policy support to facilitate larger production and export.
Remember, the world export of chemicals is as high as $ 2219 bn.
The EU enjoys a lion’s share in global export of chemicals - incl, pharmaceuticals and pesticides.
With aggressive export oriented efforts, India can command a better share.
Needed in India, regulatory support to produce more and export more.
