The exports of Indian chemicals in 2021-22 hit a record at $29296 million, up from $14210 million in 2013-14, registering an increase of 106 per cent.
Highlighting the achievement in a Tweet, Union Minister for Commerce and Industry Piyush Goyal said the increase in exports would give a boost to Prime Minister Narendra Modi’s “Aatmanirbhar Bharat Abhiyan”.
The growth in exports of chemicals has been achieved because of a surge in shipments of Organic, Inorganic Chemicals, Agrochemicals, Dyes and Dye intermediates, and Specialty Chemicals.
Today, the Indian Chemical industry has become a global player and earns foreign exchange for the nation with the “Make in India” approach. India is the sixth-largest producer of chemicals in the world and third in Asia. India ranks at the 14th position in exports of chemicals.
Today India leads in Dyes production and contributes 16%-18% to the world’s dyestuff exports. Indian Dye is exported to over 90+ countries. India is the 4th largest producer of agrochemicals in the world and is manufacturing more than 50% technical grade pesticides.
Almost 50% of agrochemicals are exported from India to the world. India is the largest producer and exporter of castor oil in the world and is responsible for almost 85-90 % of total global exports in this segment.
India exports to more than 175 countries and its top destinations are the US, China and new markets viz. Turkey, Russia and North-East Asian Countries (China, Hong Kong, Japan, Korea RP, Taiwan, Macao, Mongolia) have also been added.
The surge in chemical exports has been achieved because of sustained efforts on the part of the Department of Commerce, Indian Member Exporters. Also, various initiatives have been taken by CHEMEXCIL by using Grant in Aid under Market Access Initiative Scheme, organizing B2B exhibitions in different countries, exploring new potential markets through product-specific and marketing campaigns with the active involvement of Indian Embassies., Providing financial aid in statutory compliance in overseas product registration, etc.
This export growth has been achieved in spite of unprecedented logistical challenges like high freight rates, container shortages, etc. An increase in Chemical products exports has benefitted small and medium exporters from Gujarat, Maharashtra, Karnataka, Tamil Nadu and Andhra Pradesh.
Over the years, the industry has been modernizing through new molecules, innovations in technology, product profile, and quality to emerge as a modern World-class Chemical industry ready to take on global competition.