New Delhi: Indian economy is growing at a very fast rate and the country is the preferred destination of Foreign Direct Investment or FDI. The country is also the 6th largest producer of a wide range of chemicals in the world. The chemical industry alone is projected to attain a value of US Dollar 350 billion by the end of the year 2021. Half of country chemical export are being consumed in markets including Western Europe, Canada, United States, China, and Japan. A number of positive factors have contributed towards the growth of the chemical market in India while also giving a boost to the growth of country’s economy. The country has access to the fastest growing markets and the PCPIR (Petroleum Chemical and Petrochemical Investment Region is also aiding the growth of the market. The development of quality chemicals and petroleum, due to greater R&D efforts has contributed towards the growth of chemical industries.

The fastest growing economy in the world

Indian economy is growing at a rate of 7%, which is greater than the growth rate of other leading economies including China. In terms of GDP, India is the 6th largest economy of the world, while in terms of PPP or Purchasing Power Parity, it is the 3rd largest. The forecasts and estimates reveal that by the end of the next decade the country will be the 3rd largest economy of the world, and can be the 2nd largest by the year 2050.
The booming chemical industry

Some estimates predict that the value of Indian chemical industry would be US dollar 403 billion by the end of the year 2025. The chemical industry in India produces, polymers, commodities and another kind of basic and advanced chemical. As of now, the Indian chemical industry produces more than 70,000 different kinds of chemical and commercial product. These can be classified into categories including:

●Pigments and Dyes
● Pharmaceuticals and drugs
●Petrochemicals and plastic
● Fertilizer, agrochemicals, and pesticides
● Specialty and fine chemicals

The leading and reputed chemical manufacturing unit and suppliers in India (Including KPL International) cater to the needs of a comprehensive range of industries in India and abroad. There are also foreign specialty chemical producers present in India, and these include Henkel, DuPont, Mitsubishi, Dow Chemicals and Croda International among others.

Policies favoring growth and development

The 100% FDI policy of the Indian government has contributed towards the growth of chemical and other industries and factories in India. Further, the government is also giving impetus on RND or Research and Development, which helps Indian industries and PSUs produce advanced chemicals with refined and desired properties. The growth of the construction, agriculture, automotive, and clothing sectors have also created a blossoming and booming market for chemicals, while export-related demand has also increased. The Indian government, headed by Prime Minister Narendra Modi is also facilitating economic reforms. The Government of India has introduced many new reforms, simplified the bureaucratic processes, and eliminated the unnecessary and undesired regulations. These steps that have been crucial for the growth of Indian economy. The government accountability, transparency, and responsiveness have also increased. The country is now a better destination for doing business, a fact that is also reflected by a World Bank report. India jumped 30 places in a single near to attain a higher rank in the World Bank “Ease of Doing Business” or EoBD index and list.

About KPL International:

KPL International is one of the largest chemical suppliers and producers in India and deals in a comprehensive range of products including chemicals. The company was established around 20 years ago and has its headquarters is in New Delhi. The comprehensive range of products in which the company deals include advanced materials, chemicals, engineering products, minerals, pigments, metals, gases, waxes, polymer, and paper among other, The company is certified by OHSAS, SASOL and ISO, and is recognised by BASF (the largest chemical producer of the world). It also holds a spot on the ICIS list of top 100 chemical distributors of the world.