Need for India’s Chemical Sector to be Self Sufficient after Covid - 19 Pandemic: Indian Chemical Council
The Coronavirus crisis has severely hit the Indian economy which was already under a severe slowdown. Sectors like automobiles, pharma, electronics, and chemicals are facing shortage of raw materials and essential components which gets manufactured in China. The Chemical & Petrochemical Industry has been among Hubei's pillar industries, contributing much to China's chemical exports which is suffering due to the closure of factories there. India’s dependency on China for chemicals across the value chain for broad categories ranges between 10 and 40%. With the rapid COVID 19 outbreak, there has been a significant void in the supply and demand chain in India which is impacting India’s growth story at a larger extend. India’s manufacturing sector is highly dependent on its Chinese counterparts for the supply of essential raw materials and components. With China still facing the brunt of Covid 19, it is impacting India extensively. But having said that, in order to bridge ...