SPIRIT OF MUMBAI

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 ...

The novel Coronavirus which originated in Wuhan, the capital of the Hubei province in December 2019 has taken away nearly 7000 lives and have infected over 2 lakh people globally. In India, till now there are 3 mortality cases and around 147 people have been affected by COVID 19. Not only this, but with Coronavirus, there has been far reaching impact on various industries including chemical and petrochemical industry.  The petrochemical and chemical industries have been traditionally among Hubei's pillar industries, also contributing much to China's chemical exports. India depends on China for chemicals across the value chain with the latter's share in imports for broad categories ranging between 10 and 40%. The Indian chemical sector needs to be future-ready for situations like these and there is a need to strengthen India's domestic Chemical production base, which is the backbone of India's industrial and agricultural development.  The chemical industr...