Basic chemicals, cosmetics and dyes export have crossed $30 billion in the financial year ended March 2023, of which $27 billion was achieved between last April and February 2023.

This was revealed during a recent event organised by Basic Chemicals, Cosmetics and Dyes Export Promotion Council (Chemexcil).

Set up by the Union Ministry of Commerce and Industry, Chemexcil intends to focus on the emerging markets with ‘green chemicals’, and bio-based specialty chemicals and renewable chemicals.

Participating the event, Union Minister of State for Commerce and Industry Anupriya Patel said there are challenges ahead in this fast-changing world and with continued policy support from the government, the Council, and the enterprising exporting community will definitely sustain and also surpass its enhanced momentum in export growth.

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File Photo: Union Minister for Commerce & Industry, Consumer Affairs, Food & Public Distribution and Textiles Piyush Goyal addresses at the release of ‘Foreign Trade Policy 2023’ in New Delhi on March 31, 2023.

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‘Transforming India’

Commerce and Industry Minister Piyush Goyal said the country has emerged as a reputed and reliable manufacturer and an international supplier of dyes and dye intermediates, basic chemicals, agrochemicals, cosmetics and toiletries, and castor oils.

“The chemicals and petrochemicals sector has the potential to transform India into a global manufacturing hub,” he added. Chemexcil will continue to act as a catalyst in fulfilling the government’s commitment to encourage exports and surpass the export growth achieved in the past, he said.

The Minister also said, “I urge exporters to utilise the emerging business opportunities by scaling up their production and diversifying their product range in tune with the requirements of the domestic and global market.”

Foreign Trade Policy measures

SG Mokashi, Chairman, Chemexcil said the new Foreign Trade Policy has initiated measures to create an institutional mechanism at the State and District level to promote identified products and services, which will further help in giving a boost to the MSMEs and creation of employment across all sectors of the economy.

“We need to maintain an effluent load and protect the environment. To minimise the time for obtaining permission from Pollution Control Board, we have taken up the issue with Minister of Environment Forest and Climate Change Bhupendra Yadav, and under his direction State Control Board has made favourable amendments,” he added.

Chemexcil also requested to include chemicals under the Production Linked Incentive (PLI) scheme to boost local manufacturing.

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