India Chem-2024: Driving India’s Chemical and Petrochemical Industry Towards a $1 Trillion Future

India Chem-2024, one of Asia’s largest exhibitions and conferences for the chemical and petrochemical sectors, concluded on a high note in Mumbai. The three-day event, inaugurated on October 17, showcased the immense potential of India’s chemical and petrochemical industries while setting ambitious growth targets. Shri Jagat Prakash Nadda, Union Minister for Health & Family Welfare and Chemicals & Fertilizers, highlighted the sector’s critical role in the economy and projected its valuation to exceed $300 billion by 2028 and $1 trillion by 2040.

The Backbone of India’s Manufacturing Growth

In his keynote address, Shri Nadda emphasized the chemical sector’s contribution of over 9% to India’s manufacturing gross value added and 7% to total exports. He underscored the government’s commitment to fostering innovation, sustainability, and self-reliance in feedstocks while ensuring India leads the global shift toward greener technologies. With initiatives focused on research and development, safety, skilling, and infrastructure, the government is paving the way for the sector’s growth.

State Leadership and Strategic Opportunities

Chief Ministers from Gujarat, Odisha, and Madhya Pradesh lauded the sector’s growth and shared their states’ contributions. Gujarat continues to lead in chemical exports, Odisha is emerging as a hub for chemical manufacturing with robust infrastructure and skilled talent, and Madhya Pradesh is focusing on expanding the sector to create employment opportunities.

Fostering Investments and Sustainability

Ms. Anupriya Patel, Minister of State for Health & Family Welfare and Chemicals & Fertilizers, highlighted India’s progressive policy reforms and rising domestic demand that have attracted over $12.48 billion in foreign direct investments (FDI) in the last decade. India allows 100% FDI in manufacturing through the automatic route, a significant driver for the sector’s competitiveness.

Ms. Nivedita Shukla Verma, Secretary, Department of Chemicals & Petrochemicals, stressed the importance of infrastructure and green economy initiatives. Highlighting schemes like the Centers of Excellence and Quality Control Orders, she reinforced the government’s vision of sustainable growth and circular economy principles.

Global Participation and Knowledge Exchange

The event featured pavilions from leading Indian states and global players, with participation from 22 countries, including Belarus, Saudi Arabia, Germany, and the Netherlands, the event’s partner country. With over 7,500 attendees, India Chem-2024 became a melting pot of ideas, innovation, and collaboration.

Dedicated sessions addressed sector-specific topics such as dyes, agrochemicals, and petrochemicals. Regional forums, including India-EU, India-East Asia, and India-US forums, offered deep dives into regulatory landscapes and market trends, facilitating strategic partnerships across geographies.

Petrochemical Growth and Investment Potential

At the Petrochemicals Forum, presided over by Shri Hardeep Singh Puri, Minister of Petroleum & Natural Gas, industry leaders discussed the untapped potential in India’s petrochemical sector. With India’s per capita petrochemical consumption significantly lower than global benchmarks, the sector offers opportunities for increased investments and expansion. Indian companies have already committed over $50 billion in near-term investments, with production projected to grow from 29.62 million tons to 46 million tons by 2030.

Empowering the Workforce: A Job Fair for Future Leaders

The event’s concluding day hosted a job fair featuring 14 leading chemical companies and students from CIPET (Central Institute of Plastic Engineering and Technology). This platform connected students with potential employers, offering insights into career prospects and bridging the gap between academia and industry needs.

The Road Ahead

With its theme, “Advantage Bharat: Indian Chemicals and Petrochemicals Paving the Future”, India Chem-2024 emphasized the sector’s pivotal role in shaping India’s economic future. The government’s continued support, coupled with innovative industry practices, positions India to lead in sustainable growth and global competitiveness. As the sector advances toward the $1 trillion milestone by 2040, India Chem-2024 serves as a testament to the opportunities and collective efforts driving this transformative journey.