India Eyes $1 Trillion Chemical Economy by 2040

India is looking to strengthen its position as a global hub for chemical manufacturing and innovation. Union Chemicals and Fertilizers Minister J.P. Nadda chaired a CEO roundtable in New Delhi, where government representatives and industry leaders discussed priorities for the sector, investment opportunities, technological innovation and expansion of domestic manufacturing capacity. The discussions focused on creating a stronger partnership between the government and industry to support long-term growth.

A key focus of the meeting was the ambition to develop India’s chemical sector into a $1 trillion economy by 2040. The proposed roadmap includes boosting domestic production, promoting advanced technologies and research, expanding exports and reducing dependence on imports. The participants also discussed increasing investment and employment opportunities and improving India’s competitiveness in global chemical supply chains. The government and industry stressed that coordinated policy measures and sustained collaboration will be crucial to achieving the sector’s long-term growth objectives.