Boosting Exports: Budget Proposals to Propel Chemical Industry Forward

New budget proposals aim to enhance the Indian chemical sector by reducing import duties and providing support to MSMEs. These measures are expected to drive exports beyond USD 30 billion this fiscal, focusing on 'Green Chemicals' and bio-based speciality products. CHEMEXCIL emphasizes sustainability and technological advancements for industry growth.

The Indian government's recent budget proposals are poised to transform the domestic chemical industry, as stated by CHEMEXCIL. By reducing import duties on essential raw materials and supporting MSMEs, these measures are anticipated to boost sector exports to over USD 30 billion this fiscal year.

Between April and December 2024, chemical exports reached USD 21.20 billion, according to CHEMEXCIL Chairman Abhay Udeshi. He highlighted the council's focus on emerging markets and 'Green Chemicals', aiming for alignment with global sustainability trends.

Udeshi further announced an event on February 8, set to honor outstanding exporters in Mumbai, in the presence of key ministers. The industry, valued at USD 220 billion in 2022, hopes to expand significantly by embracing sustainable practices and cutting-edge technologies.