India relies on imported chemical raw materials up to $220 billion!

1. India's chemical industry faces serious challenges: dependence on imported raw materials

as an important pillar of the national economy, India's chemical industry has made remarkable achievements in recent years, but the problem of excessive dependence on imported raw materials has become increasingly prominent. According to the Minister of Chemistry and Fertilizer, J.P. Nadda, speaking at the "Indian Chemical 2024" international exhibition and conference, the Indian chemical and petrochemical industry relies on imported raw materials as much as US $220 billion per year. This situation not only increases the vulnerability of the industry, but also affects industrial safety.

2. industry's future development needs to overcome dependence and embrace innovation

minister Nadda stressed that in order to realize India's 2047 vision, the chemical and petrochemical industry must overcome its dependence on imported raw materials and embrace innovation, sustainability and self-rise. He pointed out that the industry should actively explore alternative raw materials, such as biomass plastic waste and green hydrogen, and expand domestic supply sources of natural gas and coal. These measures will help reduce the industry's dependence on raw materials and enhance industrial safety.

3. sustainability: the industry's future direction

sustainability is seen as the future direction of the Indian chemical and petrochemical industry. Minister Nadda noted that, in line with global trends, it is essential to adopt sustainable practices such as recycling, renewable energy and alternative raw materials. By deepening chemical integration, optimizing energy use and circular economy principles, India can drive economic growth while reducing its environmental footprint.

4. Industry Growth Potential and Policy Support

india's chemical and petrochemical industry, currently worth $220 billion, is expected to exceed $300 billion by 2028 and reach $1 trillion by 2040. To support this growth, the central government has launched several initiatives such as "Make in India" and the National Industrial Corridor Development Plan. The petrochemical and petrochemical investment zones in Gujarat and Orissa have attracted investments worth $30 billion million and created a large number of jobs.

5. Innovation and Research: Driving the Future of the Industry

minister Nadda stressed that innovation and research are essential to drive the future of India's chemical industry. Through collaboration between government, industry and academia, India is expected to maintain its leading position in the global chemicals and petrochemicals sector. The chemical manufacturing hub has great potential, and the government has introduced policies to support the sustainable growth of the industry.

6. local governments and enterprises to actively participate

other senior officials attending the meeting also made important speeches, stressing the important role of local governments and enterprises in pushing forward the development of the chemical industry. Gujarat's leading position in the export of chemicals and petrochemicals was highlighted, while Orissa and Madhya Pradesh also presented their respective strengths in the chemical and petrochemicals industry and called for enhanced cooperation for a prosperous future.

7. business community's views on future development

representatives from Reliance Industries Limited and Evonik Industries Group shared their views and prospects for the future development of the Indian chemical industry. They see great potential for India to reshape global value chains and drive green transformation. Through increased cooperation and innovation, the Indian chemical industry is expected to gain a more prominent position in the global market.

8. summary

to sum up, the Indian chemical industry faces serious challenges, but also has great potential for development. By overcoming dependence on imported raw materials, embracing innovation, promoting sustainability and strengthening cooperation between government, industry and academia, the Indian chemical industry is expected to achieve a more prosperous and sustainable future.