“With increasing focus from the government to increase the capacity of manufacturing chemicals and petrochemicals, we are confident that the Hon’ble Finance Minister will come out with a budget that will provide a boost to the sector.
The government’s proposal to reduce customs duties on certain key chemicals in last year’s union budget was a huge relief and will aid in expanding the chemical industry’s scope and integrating it into the circular economy. Consumer spending patterns influenced by Covid and global supply chain disruptions have created significant opportunities, compelling specialty chemical companies to re-evaluate their manufacturing footprints to participate in this growth.
We are observing substantial investments in the feedstock ecosystem, and India is being considered as an alternative location for sourcing chemicals. A new PLI is currently being developed for the chemical industry, which will be of great benefit to the entire chemical value chain and help reduce reliance on imports.
Huntsman’s areas of emphasis for the long-term sustainability goals are carbon neutrality, complete circularity, and sustainable chemistry. Our mission is to improve the products of today while developing sustainable solutions for the future.”
