Indian chemicals industry most resilient in exports- Sitharaman

25 Mar 2017

Mumbai, March 25, 2017. In a year that could go down as one of the worst in global trade, the chemicals exports from India in 2015-16 went up by 7.5% in volume terms. In the curent year (April 2016 – Jan 2017) the exports have grown by 1.5% in value and 7.59% volume terms. Acknowledging the resilience shown by India’s chemical exporters, Smt Nirmala Sitharaman, Hon’ble Minister for Commerce and Industry, reminded that the impact of the steps initiated by the governments will be visible in the current financial year onwards. 
 
Congratulating the winners at the CHEMEXCIL export award function at Mumbai, Smt Sitharaman reiterated, “The chemical industry has shown tremendous resilience in adverse global conditions. Strand by strand, the Indian chemical industry has motivated each other to deliver excellence. 80,000 commercial products causing 7% of GDP is an important contribution in national growth. India’s world market share of over 90% in Castor Oil is commendable and an example of our dominance in some of the categories” 

 Among the winners of top export awards for the year 2015 16 were Reliance Industries for Chemicals, Ambuja Intermediates for Dyes and Dye Intermediates, Ishedu Agrochem for Castor Oil & Speciality Chemicals and VVF India for Cosmetics and Toiletries. Mr. Shankerbhai Patel of Ami Pthalo Pigments and Mr Ashok Manilal Kadakia of Emmessar Biotech & Nutrition were the recipients of Life Time Achievement Awards. There were 55 awards given in various categories.

India is the sixth largest chemicals producer in the world and the third largest in Asia. The chemicals industry in India employs 2 million people and the size of the industry was around USD147 billion in 2015. However, the exports were 11.68 billion in 2015-16 and in the current 9 month period of 2016-2017, it has touched USD 9.76 billion.

Appreciating the industry, Mr. Satish Wagh, Chairman, CHEMEXCIL said, “The winning formula of governments policy support to our exporters’ determination to grow is bound to increase our share in the world market. India has the talent, technology and infrastructure already. The reduction in corporate tax for MSME by 5% and introduction of Trade Infrastructure Export Scheme will help Indian exporters reduce transaction costs to become globally competitive. Other initiatives like setting up of CBEC’s Single Window Interface for Facilitating Trade (SWIFT), Make in India programme, relaxation in certain norms of environmental issues  and expected GST roll out would spur growth in chemical sector further”