Industry as we know it is passing through a wave of digital transformation driven by a new set of market dynamics.?It is forcing changes the way companies operate to remain competitive.
The chemical industry contributes significantly to India's export-import trade in terms of value. Chemical and petrochemical imports jumped from USD 43bn in FY15 to USD 56.5bn in FY19, while exports increased from USD 29.1bn to USD 40.5bn.
At Indian Chemical Council’s (ICC) flagship annual event, ICC and Boston Consulting Group unveiled their whitepaper for the Chemicals industry: "Making India A Global Chemicals Powerhouse: Vision for the 2020s".
For India to become $5,000bn ($5 trillion) economy by 2024, focus must shift to manufacturing goods.
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