NITI Aayog’s latest report sets an ambitious target for India’s chemicals industry to reach up to $81 billion in exports by 2030, focusing on boosting domestic production, strengthening global supply chain integration, and creating up to one million jobs.
India’s chemicals industry is being urged to aim for as much as $81 billion in exports by 2030, as a NITI Aayog report sets out an ambitious plan to cut import dependence and strengthen the country’s role in global supply chains. The report, released this month, says the sector could be positioned as a net importer of zero over the longer term if production, logistics and policy support improve.
According to the report, the export target would be split across three major segments: $45 billion from speciality chemicals, $5 billion to $10 billion from inorganic chemicals and $26 billion from petrochemicals. It also says India’s overall chemicals consumption could rise to $290 billion to $310 billion by fiscal 2030, while domestic production may need to roughly double from about $110 billion in fiscal 2023 to as much as $280 billion by the end of the decade.
NITI Aayog says the sector’s share of global chemical value chains should rise from about 3% to 3.5% in 2023 to 5% to 6% by 2030, with a longer-term goal of reaching a $1 trillion industry by 2040. The report also points to the need for world-class chemical hubs, better port infrastructure, operating subsidies for critical chemicals, and stronger investment in technology and skills to improve self-sufficiency.
The report identifies dyes and pigments, paints and coatings, agrochemicals, and flavours and fragrances as likely export drivers. It notes that India’s speciality chemicals already have a foothold in major markets, with the US taking 17% of exports and Brazil 16% in 2024, but says India still held only about 8% of major global import markets, leaving room for expansion. The sector, which the report says faces infrastructure bottlenecks, regulatory hurdles and technology gaps, could create 700,000 to 1 million jobs by 2030 if the strategy is carried through.
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