Research and development is critical for speciality chemicals business as it is more of a knowledge centric business
A new world order is growing with tariffs and retaliatory tariffs declared nearly in real-time. “Chemicals is one sector which can also advantage from this development. Exports to the US may be re-directed towards us, so we want to be alert against dumping and predatory pricing which might also appear in the next few months. A challenge force under the Ministry of Commerce were set-as much as closely monitor the situation,” stated Deepak Mishra, Joint Secretary, Petrochemicals, Department of Chemicals & Petrochemicals (DCPC), Government of India on the India Speciality Chemicals Conclave organized by ASSOCHAM.
“We are working to develop a Registration, Evaluation, Authorization and Restriction of Chemicals (REACH) structure for India. Once this is in place, products can be branded hence in conformity to international environmental norms and quality controls,” Mishra stated adding that studies and development is important for speciality chemicals business as it’s more of a knowledge centric business.
“The industry need to work together with academia to improve capabilities for studies. We have a brilliant ecosystem of research labs in the country together with each government and private laboratories that are doing precise work,” he delivered.
Addressing the collecting at the conclave, C M Saikanth Varma, CEO, Andhra Pradesh Economic Development Board stated: “The scope for growth in Chemicals sector is phenomenal. Specialty Chemicals is a concern sector in which the state is eager to attract funding. The country’s largest petrochemical hub is proposed to be set-up in Mulapeta where a deep sea port is also beneath construction. The state also has one of the most conducive Industrial Policy in the country right now. Mega and ultra-mega funding above 1000 crores and above 5000 crores respectively are eligible for tailor made incentives wherein the investors can put forth their wish list and the government try to meet them. With three industrial corridors passing via the state, six operational airports and access to ports and connecting ports the state offers seamless connectivity by road, sea and air.”
Sagar Kaushik, Chairman, ASSOCHAM National Council on Chemicals & Petrochemicals stated, “The global market for chemical is about $6 trillion, 60% of that is traded globally supplying a vast opportunity across more than one geographies and the differential sectors. The specialty chemicals sector is set 20% of the global market. Asia Pacific is turning into a great deal more compelling in phrases of the demand development. The Niti Aayog has taken on-board the Chemicals sector to understand the strategic push to accept and discover main areas which requires the guide.”
Kapil Malhotra, Co-Chairman, ASSOCHAM National Council on Chemicals & Petrochemicals in his address stated, “As a the dust from the United States Tariffs starts off evolved to settle, the chemicals sector has seen a surge in activities with enquiries coming in from across the globe. Enquiries for specialty chemicals have also been coming in from China as they a majorly into bulk chemicals. Upstream and downstream MSME players can play a main function in increasing the Chemicals sector. If we channelize our energies with downstream units we are able to grow at a much quicker rate than our current growth.”
