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INDIA CHEM 2022 - IAS Academy in Coimbatore

INDIA CHEM 2022

Why in News?

Recently, 12th Biennial International Exhibition and Conference India Chem 2022 was inaugurated at Pragati Maidan, New Delhi.

• India’s chemical industry is extremely diversified and can be broadly classified into bulk chemicals, specialty chemicals, agrochemicals, petrochemicals, polymers and fertilisers.
• Globally, India is the fourth-largest producer of agrochemicals after the United States, Japan and China.
• India is the sixth-largest producer of chemicals in the world.
• India is the second-largest manufacturer and exporter of dyes and accounts for ~16% of the world's production.
• The country’s chemicals industry is de-licensed, except for few hazardous chemicals.
• India holds a strong position in exports and imports of chemicals at a global level and ranks 14th in exports and 8th in imports at global level (excluding pharmaceuticals).

What are the Related Government Initiatives?

• Under the Union Budget 2022-23, the government allocated Rs. 209 crores to the Department of Chemicals and Petrochemicals.
• Production linked incentive (PLI) Schemes have been introduced to promote Bulk Drug Parks.
• The government plans to implement PLI system with 10-20% output incentives for the agrochemical sector; to create an end-to-end manufacturing ecosystem through the growth of clusters.
• A 2034 vision for the chemicals and petrochemicals sector has been set up by the government to explore opportunities to improve domestic production, reduce imports and attract investments in the sector.