Chemicals exports reach $ 9.76 billion in Apr-Dec 2017

The industry has shown tremendous resilience in adverse global conditions, says Nirmala Sitharaman

Nirmala Sitharaman at the CHEMEXCIL export award function in Mumbai

Last Updated : Mar 29 2017 | 5:38 PM IST

In a year that could go down as one of the worst in global trade, the chemicals exports from India in 2015-16 went up by 7.5 percent in volume terms. In the current year (April 2016 – Jan 2017), the exports have grown by 1.5 percent in value and 7.59 percent volume terms. The impact of the steps initiated by the governments will be visible in the current financial year onwards, said Nirmala Sitharaman, Minister for Commerce and Industry, at the CHEMEXCIL export award function in Mumbai on Saturday.

India is the sixth largest chemicals producer in the world and the third largest in Asia. The chemicals industry in India employs 2 million people and the size of the industry was around $ 147 billion in 2015. However, the exports were $ 11.68 billion in 2015-16 and in the current 9 month period of 2016-2017, it has touched $ 9.76 billion.

Nirmala Sitharaman added, “The chemical industry has shown tremendous resilience in adverse global conditions. Strand by strand, the Indian chemical industry has motivated each other to deliver excellence. About 80,000 commercial products causing 7 percent of GDP is an important contribution in national growth. India’s world market share of over 90 percent in castor oil is commendable and an example of our dominance in some of the categories.”

Among the winners of top export awards for the year 2015-16 were Reliance Industries for chemicals, Ambuja Intermediates for dyes and dye intermediates, Ishedu Agrochem for castor oil & specialty chemicals and VVF India for cosmetics and toiletries. Shankerbhai Patel of Ami Pthalo Pigments and Ashok Manilal Kadakia of Emmessar Biotech & Nutrition were the recipients of Life Time Achievement Awards. There were 55 awards given in various categories.

“The winning formula of governments policy support to our exporters’ determination to grow is bound to increase our share in the world market. India has the talent, technology and infrastructure already. The reduction in corporate tax for MSME by 5 percent and introduction of Trade Infrastructure Export Scheme will help Indian exporters reduce transaction costs to become globally competitive. Other initiatives like setting up of CBEC’s Single Window Interface for Facilitating Trade (SWIFT), Make in India programme, relaxation in certain norms of environmental issues and expected GST roll out would spur growth in chemical sector further,” commented Satish Wagh, chairman, CHEMEXCIL.