Chemical industry eyes reaching USD 70 bn to aid TN’s USD 1 trillion vision plan

The chemical industry needs to reach USD 70 billion in Tamil Nadu, growing more than 10 times its current size, aiding the state government to realise the target of USD 1 trillion economy by 2030, an official said here on Wednesday.

Industry experts said indirect job generation would reach one crore from the present 10 lakh as the chemical sector reaches USD 70 billion market.
“Chemical industry will become a significant sector as it needs to reach USD 70 billion by 2030 with Tamil Nadu government vision of achieving a USD 1 trillion economy,” Indian Chemical Council Chairperson south Ramya Bharatram told PTI here. Elaborating, she said investments, adequate infrastructure, setting up of ports, ease of doing business were some of the requirements which needs the support from the government.

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The Tamil Nadu government has already attracted several investments in chemical projects in Tuticorin and Cuddalore districts. “It is these kinds of projects that will bring in good investments boosting the economy,” she said. Thirumalai Chemicals Ltd President-food ingredients and Chemical Industry Association secretary S Venkatraghavan said the industry is required to grow 10x times to reach the targeted USD 70 billion. “Currently it is about USD 6 billion employing about 10 lakh people. When we reach USD 70 billion the indirect job generation will also reach one crore,” he said.

According to industry officials, the domestic chemical industry is currently valued at USD 200 billion and the Indian Chemical Council has set a vision to reach USD 1,000 billion market. Federation of Indian Chambers of Commerce and Industry (FICCI) convenor Ilanahai said the government should focus more on improving the infrastructure, connectivity and expediting necessary approvals.

“Currently to obtain an environment clearance certificate, it takes almost six months. This is actually better compared to the earlier two year timeframe. We want an environmental clearance to be issued in three months,” he pointed out. Bharathram said the chemical industry contributes to every sector including automobile, electronics, food. “Every dollar spent in the chemical industry pushes the economy to grow by four per cent,” she said. The industry representatives were here to announce the conference ‘Chemical Summit 2022’ scheduled to be held in the city on December 9.