Mumbai, October 24 — The chemicals and petrochemicals sector needs to grow from its current market size of about $220 billion to about $1 trillion by 2040, and further to around $1.6 trillion by 2047, Union Minister JP Nadda said on Saturday, news agency IANS reported.

Source: IANS via Dailyworld

The chemical and petrochemical industry is a sunrise sector with huge potential to grow and contribute towards economic development, Nadda said, adding that for the country to achieve the ambition of Viksit Bharat by 2047, this sector has to play an indispensable role, IANS reported. He was speaking as the three-day India Chem 2026 concluded in Mumbai.

Source: IANS via Dailyworld

Japan, with whom India shares a robust trade relationship particularly in the chemical and petrochemical sector, was the partner country for the event. The CEOs Forum, presided over by Nadda, focused on strengthening industry competitiveness and advancing India's ambition to emerge as a globally competitive chemicals and petrochemical hub, according to an official statement reported by IANS.

Source: IANS via Dailyworld

$220 billionCurrent market size of India's chemicals and petrochemicals sector, according to Nadda
$1 trillionTarget for 2040 (yaani roughly four-and-a-half times today's size)
$1.6 trillionFurther ambition for 2047, the Viksit Bharat year
5,000+Visitors over the three days of India Chem 2026 in Mumbai, per the official statement

During brainstorming sessions under the India-Japan, India-US and India-EU Chemicals and Petrochemicals Forum, representatives and industry leaders explored opportunities for deeper collaboration in trade, investment and technology related to the sector, the official statement said. The event witnessed international participation from countries including Japan, the US, Canada, the UK, countries across the European Union, Latin America, the Republic of Korea and ASEAN nations.

Source: IANS via Dailyworld

The event, organised jointly by the Department of Chemicals and Petrochemicals and FICCI under the theme 'Advantage Bharat: An Emerging Global Chemicals Hub', also witnessed roundtables on specialty chemicals, infrastructure for chemicals and petrochemicals, agrochemicals, environment issues, and plant machinery, IANS reported.

Source: IANS via Dailyworld