NEW DELHI: Citing the significance of the chemical industry, Fertilizer Minister Ananth Kumar said the output of this sector is valued at Rs 8 lakh crore and its share in the country's GDP was around 2.11 per cent in FY 2012-13.
While addressing the 'Cheminar 2014' conference on the chemical industry, Kumar said," the government is in the process of formulating a National Chemical Policy for the first time.
"I would like to mention that there is a need for a dedicated policy for the chemical sector has been felt for a long time in order to facilitate rapid increase in the share of this sector in the GDP, accelerate development, support inclusive growth and provision of gainful employment," he said.
The Minister also said that the draft policy document has already been prepared in this regard.
After extensive consultations with all stakeholders, the government is considering various imperatives in a comprehensive manner for the growth and sustainable development of the chemical sector in the country, Kumar said.
Elaborating the importance of this industry, the Minister said the output of the Indian chemical industry is recorded at about Rs 7.83 lakh crore and its share in GDP stood at 2.11 per cent in the 2012-13 fiscal.
"This sector constitutes 15 per cent of the manufacturing output of the country and accounts for approximately 3 per cent of the world production of chemicals," Kumar said.
In 2012-13, the Indian Chemical sector exports were worth Rs 1.78 lakh crore, comprising 9.4 per cent of total exports, whereas the imports were to the tune of Rs 2.34 lakh crore, accounting for 8.6 per cent of total Indian imports, Kumar added.
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