India Chemicals Sector Targets $1 Trillion by 2040, Says JP Nadda
India’s chemicals and petrochemicals industry must grow from its current estimated market value of $220 billion to $1 trillion by 2040 and around $1.6 trillion by 2047, Union Minister JP Nadda said on Saturday.
Addressing the three-day India Chem-2026 event in Mumbai, Nadda described the industry as an emerging growth engine with considerable potential to strengthen the Indian economy and support the country's vision of Viksit Bharat by 2047.
He said the chemicals and petrochemicals sector would be crucial to achieving India's long-term economic objectives, highlighting the need to expand its capacity and strengthen its global competitiveness.
India and Japan Explore Greater Industrial Cooperation
Japan served as the partner country for India Chem-2026, highlighting the longstanding economic and trade relationship between the two nations in the chemicals and petrochemicals industry.
Nadda chaired the CEOs Forum, where industry leaders discussed ways to improve competitiveness, attract investment and establish India as a major global destination for chemicals and petrochemicals production.
Participants from India and other countries examined the industry's growth opportunities and challenges, with discussions centred on investment, industrial development and stronger international partnerships.
Meetings held under the India-Japan, India-US and India-EU Chemicals and Petrochemicals Forums also explored opportunities to expand cooperation in trade, technology and investment.
The discussions highlighted the importance of international collaboration in supporting industrial growth and strengthening India's position in global chemical supply chains.
India Chem-2026 Draws International Participation
India Chem-2026 attracted representatives from several countries and regions, including Japan, the United States, Canada, the United Kingdom, European Union member states, Latin American nations, South Korea and ASEAN countries.
According to the organisers, more than 5,000 visitors attended the three-day event.
The programme was jointly organised by the Department of Chemicals and Petrochemicals and the Federation of Indian Chambers of Commerce and Industry (FICCI).
Government officials, industry executives and international representatives participated in discussions covering investment opportunities, regulatory requirements and strategic issues affecting the chemicals and petrochemicals industry.
The event provided a platform for stakeholders to exchange ideas and explore opportunities for expanding industrial partnerships.
Specialty Chemicals and Infrastructure Take Centre Stage
Held under the theme “Advantage Bharat: An Emerging Global Chemicals Hub,” India Chem-2026 featured discussions on specialty chemicals, petrochemical infrastructure, agrochemicals and environmental concerns.
Other areas of focus included plant machinery, pumps and valves, reflecting the industry's broader requirements for manufacturing, infrastructure development and operational efficiency.
Roundtable discussions examined challenges facing the sector and explored potential measures to accelerate growth.
Participants also considered the importance of infrastructure development, investment and sustainability in supporting the industry's long-term expansion.
With its ambitious growth targets, India is looking to strengthen the chemicals and petrochemicals sector's contribution to economic development and build its capacity to compete in international markets.
The industry's expansion is expected to remain an important part of India's broader economic ambitions through 2047.