Correlation between growth of chemical industry and Economy
The Indian chemical industry is one of the oldest sectors in the country. The growth of the industry is directly linked to the growth of the Indian economy. It is already known that the Indian chemical sector has witnessed staggering growth of 13-14% in the last five years. Another interesting fact about this sector is that it is the largest consumer of its own products. It has been estimated that 33% of the total output of the chemical industry is consumed the industry itself.
With very high domestic demand, chemical imports in India are a consistent feature. Chemical importers in India deal with countries such as China and Saudi Arabia. The import of chemical accounts for nearly 68% of the total international trade volumes of the country and organic chemicals have in the past, contributed to over 60% of the total volume of imports.
Chemical importers follow very strict codes of quality control and thorough inspection of items being imported for client. To ensure 100% satisfaction of the client, chemical importers make sure that a sample of the product reaches the customer to ensure that it meets their specification.
Chemical imports in India can be divided into three sectors: inorganic chemicals, organic chemicals and dyeing products. In the category of inorganic chemicals the major items being imported include cyclic hydrocarbons, poly carboxylic acid, acyclic monohydric alcohol, and mono carboxylic acids. The major items of import in the inorganic chemicals group include Inorganic acid and oxides, Metallic acid salts, zinc, phosphites and other chemical elements. When it comes to dyeing, tanning and colouring products, the major items of import include paints, varnishes, organic dyestuff, tanning extract and synthetic brighteners.
The chemical industry is not only a standalone sector. Its products are used in other crucial sectors such as manufacturing and agriculture as well. This industry has successfully survived the global economic downturns and is projected to stably grow and add to India’s economic development in the years to come.