India Chem 2022 | 04 Nov 2022

Why in News?

Recently, 12^th Biennial International Exhibition and Conference India Chem 2022 was inaugurated at Pragati Maidan, New Delhi.

• The theme for India Chem 2022 is “Vision 2030: Chemicals and Petrochemicals Build India”.

What is the Status of Chemical Industry in India?

• India’s chemical industry is extremely diversified and can be broadly classified into bulk chemicals, specialty chemicals, agrochemicals, petrochemicals, polymers and fertilisers.
  • Globally, India is the fourth-largest producer of agrochemicals after the United States, Japan and China.
  • India is the sixth-largest producer of chemicals in the world.
  • India is the second-largest manufacturer and exporter of dyes and accounts for ~16% of the world's production.
• The country’s chemicals industry is de-licensed, except for few hazardous chemicals.
• India holds a strong position in exports and imports of chemicals at a global level and ranks 14^th in exports and 8^th in imports at global level (excluding pharmaceuticals).

What are the Related Government Initiatives?

• Under the Union Budget 2022-23, the government allocated Rs. 209 crores to the Department of Chemicals and Petrochemicals.
• Production linked incentive (PLI) Schemes have been introduced to promote Bulk Drug Parks.
  • The government plans to implement PLI system with 10-20% output incentives for the agrochemical sector; to create an end-to-end manufacturing ecosystem through the growth of clusters.
• A 2034 vision for the chemicals and petrochemicals sector has been set up by the government to explore opportunities to improve domestic production, reduce imports and attract investments in the sector.

Source: PIB