Govt policies to boost chemical exports during challenging times: Patel

Minister of State for Commerce and Industry Anupriya Patel on Saturday exuded confidence that continued policy support by the govt and CHEMEXCIL will help sustain the chemicals export growth momentum

Minister of State for Commerce and Industry Anupriya Patel on Saturday exuded confidence that continued policy support by the government and CHEMEXCIL will help sustain the chemicals export growth momentum.

"CHEMEXCIL plays an important role of interfacing with the industry and the government in the formulation of export-oriented policies and creating a favourable and export-friendly environment to augment exports of chemicals from India.

"There are challenges ahead in this fast-changing world and with continued policy support from the government, the Council and the enterprising exporting community will definitely sustain and also surpass its enhanced momentum in export growth," Patel said at the 47th Export Awards ceremony of CHEMEXCIL.

CHEMEXCIL (Basic Chemicals, Cosmetics and Dyes Export Promotion Council) crossed USD 30 billion of exports in organic and inorganic chemical sector for FY23, of which USD 27 billion of exports were achieved from April 2022 to February 2023.

Going forward, the council will focus on the emerging markets concept of renewable chemicals named as 'Green Chemicals' as well as bio-based specialty chemicals and renewable chemicals.

"Bio-based specialty chemicals and renewable chemicals are the future of India with excellent growth prospects. The depleting fossil fuels and increasing greenhouse gas emissions are influencing to increase the need of Bio Material. In view of environmental protection of the environment and increasing demand, the concept of renewable chemicals named as Green Chemicals are gaining market share in various sectors. We are also working on these directions, CHEMEXCIL Chairman S G Mokashi said.

Welcoming the new Foreign Trade Policy, he said, it has also initiated to create an institutional mechanism at the state and district level to promote identified products and services, which will further help in giving boost to the MSMEs and creation of employment across all sectors of the economy.

"India became the preferred manufacturing destination for companies across the world. Supply chain disruption during the pandemic period has really opened the doors for Indian suppliers to the world market, Mokashi added.