Indian Chemical Industry Overview in Chemical Industry
The global chemical industry is considered to be the largest manufacturing industry in the world. India is the twelfth largest producer of chemicals in the world. This industry contributes about 3% to our country`s Gross Domestic Product (GDP) and is estimated to reach USD 134 billion by 2015. The industry accounts for about 14% of the Index of Industrial Production (IIP) and 17.6% of the manufacturing sector. It comprises 13-14% of total exports and 8-9% of total imports of the country. This sector provides services to industries such as engineering, food processing, automotive etc. Being one of the fastest growing sectors, it focuses equally on the development of small and large scale ventures. With research and innovation the Indian Chemical Industry aims to stand tall against its toughest contenders.
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Some of the major players of this industry are- Tata Chemicals Limited, BASF India Limited, Nocil Ltd, Godrej Industries Ltd, etc