A New Era of Self-Chartered & Boundless Growth

The futuristic and robust ‘Atmanirbhar Bharat’ campaign presents a great scope for the chemical industry, and it is a period of radical reforms, that can be a turning point not just for the Indian chemical sector in its domestic markets, but also in international waters.

- Parag Jhaveri

As one navigates through the complex post pandemic world, one can see a change in the dynamics for most countries in their financial operations, right from their monetary policy frameworks to their trade guidelines. There is a powerful shift in their internal commerce, with the setting up of conservative and stringent fiscal measures to revive the local economy. India is no different. The futuristic and robust ‘Atmanirbhar Bharat’ campaign presents a great scope for the chemical industry, and it is a period of radical reforms, that can be a turning point not just for the Indian chemical sector in its domestic markets, but also in international waters.

The chemical industry is central to economic growth since it converts raw materials (such as oil, natural gas, minerals, etc.) into products used extensively in daily life. Hence, it plays a vital role in the economic development of a country and the quality of life enjoyed by its people. The chemical sector today manufactures about 90,000 products for a plethora of industries ranging from agrochemicals, textiles, construction, polymers, surfactants, nutraceuticals, to F&F and the consumer industry to name a few.

An extensive report on the industry by McKinsey and Co. found that between 2006 and 2019, the compound annual growth rate (CAGR) in TRS for India’s chemical companies stood at 15 percent—a figure much higher than the global chemical-industry return, with a CAGR of 8 percent, and the overall global equity market, with a CAGR of 6 percent.