Chemicals industry is at inflection point of incredible opportunity: Rahul Tikoo

  • Industry News
  • Jan 28,21
Highlighting his expectations from budget 2021, Rahul Tikoo, MD – India Sub-continent & Polyurethanes South Asia Business, Huntsman Corporation, says, economic growth and changing consumer preferences will unfold new avenues for growth for the Indian chemical sector.
Chemicals industry is at inflection point of incredible opportunity: Rahul Tikoo

We faced an unprecedented crisis last year, saw a worst-ever contraction in economy, but we also demonstrated tremendous resilience, and most sectors have been able to bounce back from the economic shock, including the Indian chemicals industry. We expect that the industry will continue to grow - Urbanization and evolving consumption patterns along with increasing per capita income will pave the way for sustained growth for the Indian chemicals industry as well as the overall manufacturing sector. In fact, India’s manufacturing sector has bounced back strongly and moved into a growth trajectory, and PMI manufacturing has been in an expansion zone for five consecutive months now. 

Facilitating a consistent flow of foreign investments will be essential, and chemicals has been one of the key sectors that has attracted maximum FDI in the last year. Recognizing the potential of this sector, the government has already outlined a strategy in line with its call for an 'Atmanirbhar Bharat', and we hope that efforts and stimulus to improve the competitiveness of the industry shall continue to be on the economic agenda. 

We are at an inflection point of incredible opportunity, as timely infrastructural development, economic growth, alternate material replacements and changing consumer preferences will unfold new avenues for growth for the Indian chemical sector. In the coming year, continued emphasis on research and innovation, reliance on digital technologies, ramping up of local production and increasing exports will be critical, enabling us to become truly self-reliant while also establishing ourselves as the next global manufacturing hub. 

Additionally, creating a robust supply chain and enabling easy procurement of key raw materials will help the Indian chemicals industry stay competitive and relevant, and will help increase FDI in the sector.
 
Lastly, a strong emphasis on generating employment will provide new opportunities for India’s young talent and leverage their skills and capabilities to take the industry to new levels of growth and innovation. 

About the author:
Rahul Tikoo is the Managing Director – India Sub-continent & Polyurethanes South Asia Business of Huntsman Corporation.

Related Stories

Electrical & Electronics
India's strength lies in design: Sanjeev Keskar

India's strength lies in design: Sanjeev Keskar

India has made significant progress in electronics manufacturing.

Read more
Electrical & Electronics
As AI takes off, we expect to see even greater gains: Tim Dawson

As AI takes off, we expect to see even greater gains: Tim Dawson

The top 5 manufacturing regions for semiconductors in 2024 were China (43%), South Korea (13.5%), Taiwan (9%), Singapore (7.1%) and Japan (6.2%) and this split has been pretty consistent for almost ..

Read more
Construction Equipment
JCBL South manufactures 100th trailer

JCBL South manufactures 100th trailer

The 100th trailer was delivered to BEML Limited, a prestigious Miniratna PSU under the Ministry of Defence, Government of India.

Read more

Related Products

Programmable Controllers - Pcd-33a Series

CHEMICAL PROCESS, FOOD/PHARMA EQUIPMENT & ANALYTICAL INSTRUMENTS

Pro-Med Instruments (P) Ltd offers a wide range of programmable controllers - PCD-33A Series.


Read more

Request a Quote

Gasket Graphite Powder

CHEMICAL PROCESS, FOOD/PHARMA EQUIPMENT & ANALYTICAL INSTRUMENTS

Arihant Packing & Gasket Company offers a wide range of gasket graphite powder. 


Read more

Request a Quote

Asahi Kasei expands 3D printing filament sales in North America

CHEMICAL PROCESS, FOOD/PHARMA EQUIPMENT & ANALYTICAL INSTRUMENTS

Asahi Kasei, a leading resin and compounding technology provider, has initiated the sales of 3D printing (3DP) filaments in North America through Asahi Kasei Plastics North America (APNA). The soft la Read more

Request a Quote

Hi There!

Now get regular updates from IPF Magazine on WhatsApp!

Click on link below, message us with a simple hi, and SAVE our number

You will have subscribed to our Industrial News on Whatsapp! Enjoy

+91 84228 74016