Specialty chemical sector has huge growth potential: Sadananda Gowda

 Chemicals & Fertilizers Minister D V Sadananda Gowda on Tuesday said it is a good time to invest in India's chemical sector that has huge growth potential.

Gowda was addressing a webinar on Specialty Chemical organised by Department of Chemicals & Petrochemicals and FICCI, an official statement said.

The minister said it is a good time to invest in India when the government is focussing on self-sufficiency in domestic production.

Gowda said specialty chemicals is one of the areas where huge potential for growth lies.

The past couple of decades have seen a significant shift in the manufacturing of chemicals, particularly the specialty chemicals from EU and North America, to Asia.

The Indian Chemical and Petrochemical industry has huge potential to play a significant role by 2025 and the sector can alone contribute USD 300 billion to the GDP as compared to USD 160 billion at present, the statement said.

Gowda said India is looking forward to incentivising manufacturers, through Production Linked Incentives (PLIs) and development of infrastructure facilities, to set up the entire value chain of drug production in upcoming three bulk drug parks.

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India's exports up 3.93% in May; trade deficit widens to $15.36 bn

India's exports grew by 3.93 per cent to $30 billion in May on account of healthy growth in sectors such as chemicals, pharmaceuticals and engineering, according to a commerce ministry data released Friday.
Imports too rose by 4.31 per cent to $45.35 billion, widening the trade deficit to $15.36 billion in May.

The deficit, the difference between exports and imports, was $14.62 billion in May 2018. Oil imports rose by 8.23 per cent to $12.44 billion and non-oil imports expanded by 2.9 per cent to $32.91 billion during the month under review.
Gold imports rose by 37.43 per cent to $4.78 billion.
Cumulatively, exports in April-May 2019-20 was up by 2.37 per cent to $ 56 billion. Imports rose by 4.39 per cent to $86.75 billion, registering a trade deficit of $30.69 billion.