Global Uncertainty Highlights Importance of Self-reliance: Secretary DOCP
New Delhi, 21 May 2026: India’s specialty chemicals sector has become one of the fastest-growing parts of the overall chemical industry and has established itself as a dependable and competitive option globally. The India Speciality Chemicals Conclave was organised by ASSOCHAM to foster stronger cooperation between all stakeholders to keep the momentum going.
Speaking at the event, Secretary, Department of Chemicals & Petrochemicals, Government of India, Mr. Tejveer Singh, IAS said, “The West Asia crisis has caused huge supply chain disruptions and in an age of global uncertainty, it is important for the specialty chemicals sector to be relatively more self-reliant. This sector accounts for the second largest big ticket import bill after the petroleum sector and our trade deficit has grown significantly since the turn of the century. The importance of this sector cannot be overemphasised as it sustains the entire industrial edifice of the country.”
“In line with the budget announcement, three dedicated chemical parks are being set up with the minimum area of around 8 square kilometres and allocation of 1000 crore each spread over a 5-year period. The 18 centres of excellence which have been set up in various technical institutions of the country are doing interesting work and the industry must engage with them for better industry academia interactions. Industry data collection for the Ministry of statistics and programme implementation’s index of industrial production will now be monthly and the data point have been increased from 245 units to about 400 units for the index to be truly representative.” He added
Delivering the opening remarks, Mr. Sagar Kaushik, Chairman, ASSOCHAM National Council on Chemicals & Petrochemicals said, “A great journey to reposition the chemicals including specialty chemicals sector is underway to achieve the targeted $1 trillion in output by 2040. The journey will require unprecedented levels of capacity creation because we have a growing captive demand and we risk a growing import basket if we fail to service the demand. The industry needs a level playing field to unlock our potential to meet growing demands.”
Mr. Kapil Malhotra, Co-Chairman, ASSOCHAM National Council on Chemicals & Petrochemicals said, “FTAs with smaller third world countries, though they may be advanced can lead to increase in trade deficits because they not have a big Market but for them India is a very big market. They have to come in a form where there is a win-win situation for both the countries who are participating.”
Speaking at the event, Mr. Nilesh A. Kulkarni, Co-Chairman, ASSOCHAM National Council on Chemicals said, " In 2025, our domestic trajectory remained very resilient. India's chemical market was expanding towards a projected 250 to 300 billion milestone by 2030. The West Asia crisis has shown us that we are in the midst of margin compressions because there is destocking, there is capacity dumping from China and other countries. We need to ensure our feed to downstream speciality chemical sector to build high value products and increase our self-reliance."
A knowledge report on the sector jointly compiled by ASSOCHAM and PWC was also launched at the conclave. The deliberations at the conclave highlights the need for innovation, export led growth, use of new age chemicals in sunrise sectors, safety standards for process improvement with energy-efficient and sustainable practices.
About ASSOCHAM:
ASSOCHAM initiated its endeavour of value creation for the Indian industry in 1920. It was established by promoter Chambers, representing all regions of India. The Chamber has in its fold over 400 Chambers and Trade Associations and serves over 4.5 lakh members across India. ASSOCHAM has emerged as the fountainhead of Knowledge for the Indian industry, which is all set to redefine the dynamics of growth and development in the knowledge-based economy.