06/14/2012 | Editor: Dominik Stephan
According to the Government of India, specialty chemicals sector of the country has potential to grow by 13-14 per cent per year during 2012-17. The chemical sector registers around one-eighth of India's industrial production and one-sixth of the country's exports of manufactured goods.
Mumbai/India – While addressing the 'Specialty Chemicals Conclave-2012', K Jose Cyriac , Chemicals & Petro-Chemicals Secretary said: "The segment has the potential to grow at a rate of 13-14 per cent per annum during the during the 12th Five Year Plan period (2012-17)."
"The specialty chemicals is a highly knowledge driven industry, in which R&D plays a pivotal role for development of non-conventional specialty chemicals where raw materials cost much less than any commodity chemicals," he added.
The chemical sector registers around one-eighth of India's industrial production and one-sixth of the country's exports of manufactured goods. The specialty chemicals segment has grown at 11-13 per cent p.a. over the XIth plan period (FY07 to FY11).
India's specialty chemical industry (excluding agrochemicals and dyes & pigments) is currently valued at $17.7 billion and is an important growth driver for Indian economy. This segment has the potential to reach $38 billion by the end of XIIth Five Year Plan period growing at a rate of 13-14 per cent p.a.. For a detailed listing, please see also our gallery.
Although India's chemical industry is on the way back to moderate growths, the country still depends on the import of chemical goods in large scales. Read more in India's Chemical Industry Still Largely Dependent on Imports!
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