Annual Integrated Report 2022-23

Harnessing Opportunities in the Indian Chemical Industry

The Indian economy is showcasing a robust recovery across diverse sectors, positioning itself for a return to the pre-pandemic growth levels in FY23. According to a report by Deutsche Bank, India is expected to emerge as a USD 7 trillion economy by 2030. This ambitious projection signifies India’s potential to double its economy in seven years from its current GDP of USD 3.5 trillion, driven by factors such as demographic dividend and improvement in domestic consumption. Notably, India’s remarkable average growth rate of 7.5% per annum over the past two decades, second only to China’s 9.6% growth, further reinforces its promising growth trajectory.

In the last decade, India’s chemical industry has grown significantly owing to burgeoning demand growth and generating wealth for shareholders on a global scale. The industry is positioned to further expand its presence in both consumption and manufacturing worldwide. As many countries shift their attention to domestic self-sufficiency and localised supply chains, India’s manufacturing competitiveness is proving to be strong compared to other major global chemical players. This positions India as a potential hub for chemical manufacturing in the near future.

Growth Drivers
Our Strategy

We have strategically positioned ourselves to identify the abundant opportunities and leverage them to drive sustained, high growth. We are making continuous investments in various intermediates, upstream and downstream products reaffirming the Group’s philosophy of import substitution thereby supporting and fulfilling the country’s mission of Make in India. The proposed capacities are expected to fulfil the growing demand for these products in India as well as cater to increasing export demand. Further, these products cater to varied end-user industries which form a significant part of core industries to grow in sync with the growth in India’s GDP.

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