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New Delhi: The chemical industry in the country has the potential to grow at nine percent annum to touch $214 billion (Rs 13.92 lakh crore) in next four years, according to a Tata Strategic Management report.
The report highlights that at $139 billion (Rs 9.04 lakh crore) , the current domestic chemical market constitutes only 3.3% of the global chemical market.
The sector is highly diversified, with more than 80,000 chemicals and currently accounts for 15% of India s industrial output, which makes it very crucial for the economic development of the country.
“The Indian chemical industry is an integral component of the economy and has the potential to grow at 9% per annum to reach $214 billion by 2019,” Tata Strategic Management Group Practice Head (Chemical and Energy) Manish Panchal said in a statement.
Panchal further said that key imperatives for the growth of chemical industry are to secure feedstock, right product mix and identify partnership opportunities to gain capital and technology support.