Export growth benefits small and medium exporters
Exports of Indian Chemicals has registered growth of 106% in 2021-22 over 2013-14. India’s exports of Chemicals for 2021-22 hit a record at US$ 29296 Million, whereas in 2013-14 India’s Chemical exports was US$ 14210 Million.
Highlighting the achievement in a Tweet, Union Minister for Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Shri Piyush Goyal said that the export growth would be a boost to Prime Minister, Shri Narendra Modi’s Aatmanirbhar Bharat Abhiyan.
Today Indian Chemical industry has become global player and earns foreign exchange for the nation with “Make in India” approach. India is the 6th Largest producer of Chemicals in the world and 3rd in Asia. India ranks 14th position in export of chemicals.
Today India leads in Dyes production and contributes to 16%-18% to world’s dyestuff exports. Indian Dye is exported to over 90+ countries. India is 4th largest producer of agrochemicals in the world and manufacturing more than 50% technical grade pesticides.
Almost 50% of agrochemicals are exported from India to the word. India is the largest producer and exporter of castor oil in the world and is responsible for almost 85-90 % of total global exports in this segment.
India exports to more than 175 countries and top destinations are USA, China and new markets viz. Turkey, Russia and North East Asian Countries (China, Hongkong, Japan, Korea RP, Taiwan, Macao, Mongolia) have also been added.
The surge in Chemical exports has been achieved because of sustained efforts on the part of the Department of Commerce, Indian Member Exporters. Also, various initiatives have been taken by CHEMEXCIL by using Grant in Aid under Market Access Initiative Scheme, organizing B2B exhibitions in different countries, exploring new potential markets through product-specific and marketing campaigns with the active involvement of Indian Embassies., Providing financial aid in statutory compliance in overseas product registration, etc.
This export growth has been achieved in spite of unprecedented logistical challenges like high freight rates, container shortages, etc. Increase in Chemical products exports has benefitted small and medium exporters from Gujarat, Maharashtra, Karnataka, Tamil Nadu and Andhra Pradesh.
Over the years, the industry has been modernizing through new molecules, innovations in technology, product profile, and quality to emerge as a modern World class Chemical industry ready to take on global competition.
The call for Aatmanirbharta is not about reverting to economic isolationism. Its essential aim is to ensure India’s position as a key participant in global supply chains. Through building capacities at home, India intends to contribute to mitigating disruptions in global markets. It is important to identify products and commodities where India has the ability or potential to expand domestic production and enhance global availability.
A self-reliant India will ensure production of quality products on a large scale, fulfill India’s requirements and boost export of surplus production.
To excel economic growth, there is greater need for focused efforts to maintain our position and growth in world trade and the Government is taking all the necessary steps to push Industrial growth and encourage exports.