India targets $1 trillion chemical sector valuation by 2040

Union Minister JP Nadda stated that India's chemicals and petrochemicals sector must grow from its current $220 billion market size to approximately $1 trillion by 2040, and reach $1.6 trillion by 2047. Speaking at the ‘India Chem-2026’ event in Mumbai, Nadda described the industry as a sunrise sector essential for achieving the ‘Viksit Bharat’ economic ambition.

The three-day event, organized by the Department of Chemicals and Petrochemicals and FICCI, featured Japan as the partner country. Discussions included forums involving the US, EU, and Japan to explore deeper collaboration in trade, investment, and technology. The event drew over 5,000 visitors and focused on strengthening industry competitiveness to establish India as a global chemical hub.