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NITI Aayog backs port hubs and fund for chemicals to curb imports
While India is a major exporter of chemicals, it is also heavily reliant on imports, resulting in a $31 billion trade deficit in the sector in 2023
 "NITI Aayog Chief Executive Officer")
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NITI Aayog Chief Executive Officer and former commerce secretary B V R Subrahmanyam at the launch of the report.
In a bid to curb India’s high import dependence in the chemicals sector, NITI Aayog on Thursday suggested the creation of eight major port-based clusters, a support fund for chemicals, and various subsidies to increase India’s share in global value chains (GVCs).
While India is a major exporter of chemicals, it is also heavily reliant on imports, resulting in a $31 billion trade deficit in the sector in 2023, according to the Centre’s official policy think tank. It also flagged that India’s current share in chemical GVCs stands at 3.5 per cent.
Around 34 per cent of India’s chemical imports
Topics : Chemical sector China NITI Ayog
