The Indian Chemical industry has a huge role to play to make India a US $5 trillion economy by contributing around US $300 billion to the GDP by 2025. The industry is growing with CAGR of 9.3% and is expected to attract investments of Rs 8 lakh crore by 2025. As the sector plays a significant role in enabling the growth of the Indian economy, the country needs to build a competitive landscape for the chemical industry.
Already facing contracting gross margin due to soaring raw material cost and increasing operating costs due to higher freight during the second half of 2021, Indian chemical industry is re-orienting its strategy to regain the lost ground. The opportunities are knocking the door as US is likely to slap investment and export sanctions against more Chinese chemical companies. This will result in a shift for chemical majors to explore reliable alternative. According to industry experts, this emerging scenario has created grand opportunities for Indian chemical companies that are well positioned to benefit from this shift and garner a major chunk of the pie.
Indian chemical industry should also experience increased capital expenditure as major players have focused on building capacity and expanding their reach into new and emerging markets.
While the growth of the Indian chemical industry is on the right trajectory, these companies will also have to focus on sustainability and decarbonisation. This becomes more necessary as the US and European Union are speeding up sustainability for the chemical industry and Indian chemical companies will have to align themselves with the sustainability goals. Most of these companies have already charted out their plans for increased investment in green, recycling technology, R&D, digitization etc to achieve their sustainability goals.
On the policy front, Production Linked Incentives (PLI) is a good measure as it incentivizes the industry to quickly put up investment and start commercializing sales. Chemical industry also needs to be incentivized to push making India a global manufacturing hub.
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Sai Krishna has an aggregate work experience of around 14 years, out of which he has been with ICRA Limited, a Moody’s Investor Service Company , in their Ratings Division for a period of around 11 years. He is also a member of ICRA’s Rating Committee.
He holds a B.Tech in Electronics and Communication Engineering from the UP Technical University and post graduate diploma in management (PGDM) from Indian Institute of Management , Kozhikode. He also holds the Chartered Financial Analyst (CFA) charter awarded by the CFA institute, USA.
Suresh Kalra is currently an executive leader at the German printing Inks & chemicals company hubergroup, where he is heading the Asia & Africa regions and is also the Managing Director of hubergroup India. Previously he worked with organizations like Total, Chevron, Valvoline, WR Grace & Pidilite Industries in regional, Asia Pacific and Global roles and has served on several boards during his tenure. Before joining Huber group, Suresh worked as a global VP of Industrial resins SBU and Managing Director India for the American chemical company, SI Group.
Suresh is a Mechanical Engineer with an MBA and loves adventure sports. He holds an advanced open water diving license and had dived at various sites around the world.