Making India Self-reliant In Chemical Manufacturing
The global specialty chemical market was valued at $470 billion as of March 2022. The Indian specialty chemicals sector is expected to reach $40 billion by 2025.
The government's Atmanirbhar Bharat Abhiyan is focused on promoting local production and increasing India's self-reliance. India has an import dependence especially in the industrial chemical segment. In a bid to reduce the dependence on imports for chemicals and make India more self-reliant, the Ministry of Chemicals and Fertilizers has formed a seven-member joint task force under the chairmanship of science and technology secretary Srivari Chandrashekhar.
The Make In India initiative also seeks to improve India's ranking on the ease of doing business index by removing redundant laws and regulations, streamlining bureaucratic procedures, and making the government more visible, responsive, and responsible.
Yasho Industries is one such chemical company which caters to the growing need of self-reliance. "We have worked over the years to develop an indigenous source for many chemicals. Today these chemicals are exported to more than 50 countries worldwide," said Parag Jhaveri, MD and CEO of Yasho Industries.
The specialty chemicals market is growing exponentially on a global level. The global specialty chemical market was valued at $470 billion as of March 2022. The Indian specialty chemicals sector is expected to reach $40 billion by 2025.
In India, the China-plus one factor is contributing to the growth of domestic manufacturers with the market players investing heavily in R&D and making technological advances in this sector combined with the shifting attitude of consumers; "This industry is set to expand in the coming years," the MD added.
During the COVID-19 pandemic, the supply chain was adversely affected. This caused the world to recognize its dependence on China and adopt a new strategy. "With the world economies looking for alternatives, we are well-prepared to meet their needs. We have reduced our dependence on China over the last five to seven years. Today we import only about 15-20 per cent of our requirements from China. Within the chemicals we import, we have a non-Chinese alternate source for most of the chemicals."
Yasho Industries Limited manufactures a varied range of chemicals. These chemicals primarily serve five key industry categories – specialty chemicals, aroma chemicals, food antioxidants, rubber accelerators and lubricant additives.