Indian Chemical Sector in Transformative Mode, Suggests CII-KPMG in India Report
To delve deeper into various aspects of the Indian chemical sector, CII and KPMG in India has launched a knowledge report titled 'Chemicals value chain transition – addressing the impact of ESG, globalisation and innovation' at the 5th edition of CII Chemical Conference.
January 20, 2024. By News Bureau
This report provides an overview of the Indian chemicals sector while focusing on the trifecta of sustainability, digitalisation, and supply chain resilience and a call to action to relevant stakeholders across the chemicals value chain.
India has the opportunity and potential to become a viable alternative platform for chemicals production. The nation offers a host of benefits including low-cost operations; availability of raw materials; skilled labour; and favourable government policies. The country is also set to gain from long coastlines and waterways to facilitate trade, significant import substitution opportunities, strong intellectual property protection, and a growing domestic market.
The country is witnessing extensive transformation that is turning local players global, with the country fast appearing as a global manufacturing hub. Burgeoning domestic consumption, increasing disposable incomes, and switching consumer preferences are quickening already strong demand, putting India on the forefront of global chemical manufacturing map and making it a hub for the world.
ESG factors have become increasingly important for companies in the chemical sector globally. Sustainability and responsible practices are becoming more important for investors and stakeholders, and they are increasingly considering ESG performance as a key factor in their investment decisions. It is important for stakeholders in the chemical sector to have a sustainability vision.
India is one of the largest consumers of chemicals in the world, but it is also heavily dependent on imports to meet its demand. Given the high import dependency, it is very critical for countries like India to ensure an uninterrupted global supply chain. Many chief executives now identify supply chain turmoil as the greatest threat to the sectoral growth which has a direct impact on national economies. Organisations need to re-imagine and manage their supply chain differently to ensure business continuity and growth for the future.
Commenting on the report, Manas Majumdar, Partner, Leader – Oil & Gas and Chemicals, KPMG in India said, “The Indian chemical sector is well positioned to become an attractive manufacturing destination to serve domestic demand as well as global markets. This has become possible due to an inherent increase in demand across multiple end-user segments in India, be it automotive, electronics or consumer goods. This sector, in addition to adopting innovative and green technologies along with digitalisation in operations, needs a more comprehensive and integrated approach which leverages the academia-industry-government helix to ensure the right blend of cutting-edge research, business economics and policy support in place so that the sector rejuvenates and stays relevant in the coming years.”
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