Indian chemical industry can touch a $290 billion mark by 2017: Pranab Mukherjee

According to President Pranab Mukherjee, the Indian chemical industry has the potential to achieve an annual growth rate of 15 per cent and enhance its usefulness in different areas. “The Indian chemical industry, at $108 billion, is 3% of the global market. There is every reason, this share can rise. This sector can clock an annual growth rate of 15% to become a $ 290 billion industry by 2017,” he said at the inauguration of the 66^th Indian Chemical Engineering Congress.
 
Mukherjee emphasised on the need for capacity building and to focus on all growth-inducing aspects like R&D in order to achieve this goal. Noting that the research and development expenditure of the chemical industry is less than 0.5 per cent of its revenue, he said a significant scale-up in spending to the global benchmark of four per cent is necessary.
 
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