Chemical exports to surpass $30 billion in FY25

New Delhi: The budget proposals to lower import duties on essential raw materials and support measures for MSMEs, will strengthen domestic manufacturing and boost India’s chemical exports, which are expected to surpass $30 billion this fiscal, CHEMEXCIL (Basic Chemicals, Cosmetics & Dyes Export Promotion Council) said Thursday.

Duties have been proposed to cut on essential raw materials such as phosphoric acid, boric acid and sorbitol.

India’s chemical exports were $21.2 billion in

April-December FY25.

The size of Indian chemical industry was $220 billion in 2022 and is projected to reach $1 trillion by 2040. It contributes around 7% of India’s GDP and 2.8-3% of total global chemical industry. The industry employs more than 2 million people, both directly and indirectly.

CHEMEXCILChairman Abhay Udeshi said that the council is focusing on emerging markets and promoting 'Green Chemicals' and bio-based speciality chemicals to align with global sustainability trends.

“These initiatives are set to boost exports significantly. The budget facilitates greater trade, boosts manufacturing, promotes exports, and enhances the ease of doing business,” he said.

The council, will on February 8, honour outstanding exporters at its Exports Awards.