Indian chemical industry has the potential to grow to USD 226 billion by 2020 from the current size of about USD 147 billion, according to Tata Strategic Management Group report.
Tata Strategic Management Group today published the 2016 ‘IndiaChem’ handbook, which was released by Chemicals and Fertiliser Minister Ananth Kumar. “Today, at a domestic market size of USD 147 billion the Indian industry accounts for approximately 3 per cent of the global chemical market. It is highly diversified with more than 80,000 chemicals and currently accounts for 15 per cent of India’s manufacturing Gdpwhich makes it very crucial for the economic development of the country,” a statement said. “The Indian chemical industry is a vital component of the Indian Economyand has the potential to grow to a size of USD 226 billion by FY20 through a series of concerted efforts,” said Raju Bhinge, CEO, Tata Strategic Management Group.