THE CENTRE WILL consider a Production Linked Incentive (PLI) scheme for the mammoth chemicals & petrochemicals sector to make India a manufacturing hub of various products in the value chain, finance minister Nirmala Sitharaman said on Thursday.
Speaking at an event organised by Ficci here, the minister stressed the need for import substitution in the sector, and turning the current trade deficit into a substantial surplus.
The market size of the India's chemicals and petrochemicals sector is currently valued at over $190 billion, and is projected to grow at 910% (CAGR). Specialty chemicals, a key segment of the industry, is seen growing at a higher rate of 12%.
This story is from the July 28, 2023 edition of Financial Express Mumbai.
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This story is from the July 28, 2023 edition of Financial Express Mumbai.
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