States » WestPosted at: Oct 22 2026 9:59PM


Nadda sets an ambitious target of 1.6 trillion USD for Chemical sector by 2047

Mumbai, Oct 22 (UNI) union Minister of Health and Family Welfare, and Chemicals and Fertilisers JP Nadda on Thursday said while the chemicals and petrochemicals sector has entered the most conducive environment with a market size of 220 billion US dollars, the ambition is to cross 1 trillion dollars by 2040, and 1.6 trillion by 2047.
Addressing chemical industry leaders at the 14th edition of the ‘India Chem 2026’ here, he emphasised the need for working together with stakeholders to examine the bottlenecks and move forward.
He said union Government plans to allot Rs 1000 crore to set up a chemicals park, for which the state will spend at least Rs 500 crore. “We need a minimum of 2,000 hectares of land for the chemical park. The larger the land parcel, the better. We all know that the scheme guidelines have also been notified,” he added.
He said that the Government of India would take responsibility for environmental clearances required for the Bhavya Rasayan scheme. “I would also like to say that, to complete this, we will make an effort to ensure that our officers at Bhavya Rasayan also gain international exposure. Our private partners already have international exposure, but we want our officers to reach that level as well. They should also have international exposure, so that these grand chemical parks are built to world-class standards and can facilitate the advancement of all these initiatives. Along with integrated value chains, they can also make a major contribution to sustainability and cost competitiveness. We have considered all of this, and we want to implement it fully.”
“I’d also like to make one more request. We can facilitate everything for you, but you who run the chemical industry will have to give due consideration and focus on research and development (R&D),” Nadda said, adding that the Government of India has allocated Rs One lakh crore under the Research, Development and Innovation (RDI) scheme. As far as the private sector is concerned, the overall expenditure on R&D has risen from 32.2 percent to 45.2 percent, but compared to advanced countries, money spent on R&D must increase substantially. “We don't say that we need to reach 80%, but I will certainly say that if China can be at 46%, then we should at least aim for two-thirds of it. We need to think about R&D and connect it with our development. That is certainly my request,” Nadda said.
He said under Prime Minister Narendra Modi’s leadership ordinary people in India did not suffer the consequences of the West Asia war. “We never let the supply chain break because of that crisis, and you all supported us by working on a large scale. So I would also like to thank the chemical industry very much,” Nadda said.
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