‘India will become manufacturing hub,’ says the council president
Indian Chemical Council (ICC), the apex body dedicated for the growth and development of chemical industry in India, is aiming to double the size of the industry to $300 billion by 2025.
“The Indian chemical industry has witnessed robust growth in the past decade and the potential for future growth is significant. In the coming years, India is expected to rise both as a manufacturing capital for valued goods as well as a consumer-driven economy, from a broader perspective,” Vijay Sankar, President, ICC, said.
Growth in consumer base, changes in lifestyle, increase in disposable incomes and focus on healthcare and hygiene have created higher demand for the sector, he said.
Also, factors such as growth in specialty chemicals and pharmaceuticals, low per capita consumption leaving headroom for growth and likely demand growth from paints, textiles and diversified manufacturing base, would scale up the potential of Indian chemical industry, he added.