While the size of the global chemical industry is in the region of USD 3 Trillion, the Indian chemical industry has an output of around USD 80 Billion and ranks 12th in the world. The chemical industry which includes basic chemicals and its products, petrochemicals fertilizers, paints and varnishes gases soaps, perfumes and toiletries and pharmaceuticals is one of the most diversified of all industrial sectors covering thousands of commercial products It forms the backbone of the industrial and agriculture development of India and provide building blocks for downstream industries. It contributes about 3% in the GDP of the country. The chemicals and petrochemicals sector in India presently constitutes 14% of the domestic industrial activity.
- Expects elimination of customs Duty on alcohol for production of chemicals. Duty on alcohol was brought down from 10% to 6% to support Government's fuel blending initiative. Since alcohol is derived