In response to rising global trade tensions and the ripple effects of the recent tariff hike by the United States, the government has formed a special task force to monitor potential dumping and predatory pricing by foreign exporters. The move comes amid concerns that countries facing barriers to the US market may redirect exports to India at unfair prices.
“A new world order is emerging, with tariffs and countermeasures being introduced almost inreal-time,” said Deepak Mishra, Joint Secretary, Petrochemicals, Department of Chemicals and Petrochemicals. Speaking at the ‘India Specialty Chemicals Conclave’ organized by Assocham, he warned that India must remain vigilant over the next few months.
Strategic Focus on Specialty Chemicals Sector
As reported by freepressjournal.in, Mishra highlighted that the chemical industry could benefit from evolving global trade dynamics. He noted that the specialty chemicals segment, in particular, stands to gain significantly. He announced that the Ministry of Chemicals and Fertilizers is developing a new chemicals regulation framework. It will be similar to the EU’s REACH system—Registration, Evaluation, Authorization, and Restriction of Chemicals. This regulation would help Indian chemical products align with international environmental and quality norms, boosting export potential.
Innovation and Academia-Industry Collaboration Urged
Underscoring the knowledge-intensive nature of specialty chemicals, Mishra stressed the importance of research and development. “India has a robust ecosystem of public and private research labs. It’s critical for industry and academia to collaborate and build innovation capabilities,” he said.
Surge in Global Interest for Indian Chemicals
Kapil Malhotra, Co-Chairman of Assocham’s National Council on Chemicals and Petrochemicals, noted a spike in global interest. He said India’s chemical sector is attracting increasing attention worldwide. “As the dust settles from the US tariff moves, we’ve seen a surge in inquiries from across the globe. Even China, a major producer of bulk chemicals, is showing interest in Indian specialty chemicals,” he observed.
Malhotra added that upstream and downstream MSMEs can play a transformative role in the sector’s growth. “If we align and strengthen downstream units, we can accelerate far beyond our current growth trajectory,” he said.
India Positioned for Global Chemical Market Expansion
Sagar Kaushik, Chairman of Assocham’s National Council on Chemicals and Petrochemicals, shared insights on the global market. He noted, “The global chemicals market stands at $6 trillion, with 60% of that traded across borders.” This offers India vast opportunities across diverse sectors and geographies”.
