Overview

The Indian Chemical industry has very high hopes from the upcoming Union Budget 2022-23. Industry expects a slew of concessions from the Budget 2022-23 that is required to ignite the expected growth of the industry. Around Rs. 8 lakh crore investment is expected in the Indian Chemical and Petrochemical industry by 2025. 
 
In order to draw the investment, industry expects a proactive and supportive policy framework. The investment is much needed to achieve the expected double digit growth in 2022-23. All eyes are on the Union Budget 2022-23 to be presented by the Finance Minister Nirmala Sitharaman on Ist February, 2022 in the Parliament.
 
The industry associations have submitted its recommendations on a range of issues like inviting investments through various government schemes, financing growth and sustainability, boosting competitiveness in the manufacturing sector, strengthening MSMEs, supporting exports, technology and R&D, and promoting green chemistry. 
 
Also, the concept of differential duty on Intermediates and Technical Formulations, as adopted by various countries, has been recommended to safeguard indigenous industry. Presently, the custom duty on Technical and Formulations is 10% which is a disincentive for any indigenous manufacturer who has huge investment in the country.
 
The industry is also awaiting announcement regarding the PLI Scheme for Chemicals on the lines of the Pharmaceutical sector to support the objective of achieving the overall market size of US $300 billion by 2025-26. This, along with the new PCPIR Policy, will provide a quantum jump in terms of growth. 
 

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Key Discussion Points:
- Provision for developing chemical infrastructure through Chemical Parks, Chemical Clusters, and Ports  
- Expediting revamped PCPIR Policy   
- Focus on Green Initiatives and Sustainability
- Boosting manufacturing under Aatmanirbhar Bharat
- PLI Scheme for Chemical sector  
- Simplified Tax structure
- Provisions for MSMEs in Chemical sector  
- Sea Freight Subsidy to exporters