Atmanirbhar Bharat A Chemical Reaction for Indian Self-Reliance

Atmanirbhar Bharat A Chemical Reaction for Indian Self-Reliance

Team Chemical Market

21 May 2024

• Focus on Specialty Chemicals: A core aspect of the initiative is to ramp up production of specialty chemicals, which have high-value applications and are currently import-heavy. This includes fine chemicals, agrochemicals, and specialty polymers.
• Boosting Domestic Manufacturing: The government is providing incentives for domestic companies to set up new manufacturing facilities. This includes tax breaks, easier access to credit, and simplified regulatory processes.
• Innovation and R&D: Promoting research and development (R&D) is crucial for developing indigenous technologies and creating new chemical products. The government is encouraging collaboration between academia and industry to foster innovation.
• Infrastructure Development: Building robust infrastructure, including dedicated chemical industrial parks and improved logistics networks, is essential for streamlining production and transportation.

• Market Size and Growth Potential: The Indian chemical market is expected to witness significant growth in the coming years, fueled by factors like rising disposable incomes and increasing urbanization. This translates to a vast and expanding market for domestic players.
• Import Substitution: By reducing reliance on imports, Indian companies can capture a larger share of the domestic market and potentially become export giants themselves.
• Job Creation: The growth of the domestic chemical industry has the potential to create significant employment opportunities for chemists, engineers, and other skilled professionals.

• Technological Advancement: Bridging the technological gap with established chemical producers is crucial. Encouraging R&D and technology transfer can address this.
• Cost Competitiveness: Indian companies need to optimize production processes and improve efficiencies to compete effectively with established global players on price.
• Skilled Workforce: The industry requires a skilled workforce equipped with the latest knowledge and expertise. Skilling initiatives and industry-academia partnerships are essential to address this need.