Description

Introduction of economic reforms such as liberalization, privatization and globalization in the 1990's has enabled India to emerge as one of the fastest growing economies in the world. Demand for chemicals has been increasing at par with economic growth. Domestic production has not been sufficient to meet this demand and as a result India has become a net importer of chemicals. The government has been supporting the industry by encouraging R&D, especially in knowledge chemicals segment. The chemical industry is to witness high growth, as a result of increased demand from end user sectors, such as automotive and construction. Growth opportunities exist in the fertilizer, agrochemicals, petrochemical, and dyes and paints industries.