Home / Chemical Industries: Challenges and Opportunities
he chemical industry is the backbone of industrial and agricultural development
The chemical industry is the backbone of industrial and agricultural development in India. It plays a significant role in the evolution of human civilization. The chemical industry is highly unstable and needs to evolve and adapt to the current business scenario in order to ensure optimization and development. Over the time chemical industry has become an irreplaceable part of the global economy. It provides about 120 million jobs and an estimated $5.7 trillion contribution to the world Gross Domestic Product (GDP).
India is emerging as a chemical hub churning over 70,000 chemical products. In FY 2018-19, total production of major chemicals and petrochemicals went up by 4.15% standing at 27,847 metric tonnes in 2017-18. Indian chemical industry came to the spotlight in 2014, when China was facing supply disturbance. That’s when India became an alternative supplier to the MNCs. The industry which was hardly in the competition got a lifetime brew not only for survival but also to blossom with better opportunities. Over time the financial performance of Indian chemical companies increased drastically.
With the competition shooting up on one hand and the challenges ascending, on the other hand, the only option we have to continue in the race is by adapting and converting these challenges into opportunities.