India aims for $1 trillion chemical sector by 2040
India is setting its sights on a $1 trillion chemical industry by 2040—up from about $220 billion in 2023.
The government's rolling out subsidies, faster environmental clearances, and new chemical hubs to boost growth and shrink a $31 billion trade gap.
If all goes well, India's share in the global chemical market could jump from 3.5% to 12%.
Focus on specialty chemicals, but skills gap looms large
Growth is getting a lift from incentives for exports, upgraded ports, and more collaboration between companies and universities for research.
Specialty chemicals (think ingredients for medicines or skincare) are especially hot, with demand expected to hit $50 billion by next year.
But there are hurdles: India invests way less in R&D than other countries and faces a big shortage of skilled workers in areas like green chemistry.
Fixing these gaps will be key if India wants to lead globally in chemicals.