India Targets $1 Trillion Chemicals Market by 2040

India is working towards building a chemicals industry worth one trillion dollars by 2040, Union Minister for Chemicals and Fertilisers J. P. Nadda announced at the inauguration of the 14th edition of India Chem 2026 in Mumbai on Thursday.

Speaking at the event held at the Bombay Exhibition Centre, NESCO, Nadda said India is witnessing favourable conditions for expanding its chemicals and petrochemicals industries. He highlighted the role of supportive government policies, regulatory clarity and active participation from the private sector in attracting investment and strengthening industrial growth.

The minister also outlined the proposed ‘Bhavya Rasayan’ scheme, under which the Centre plans to allocate ₹1,000 crore for each chemical park. State governments will be required to contribute at least ₹500 crore. He stressed that strong infrastructure, including road, rail, air and port connectivity, would be a key factor in selecting locations and ensuring the success of these industrial hubs.

Maharashtra Chief Minister Devendra Fadnavis said the chemicals and petrochemicals sector could play an important role in helping the state achieve its ambition of becoming a one-trillion-dollar economy. He noted that the industry currently provides employment to around three lakh people in Maharashtra.

Union Minister of State for Chemicals and Fertilisers and Health and Family Welfare Anupriya Patel reiterated the Centre’s commitment to accelerating the sector’s development through policy reforms, simplified regulations and improved infrastructure.

Madhya Pradesh Chief Minister Mohan Yadav, Odisha Chief Minister Mohan Charan Majhi and senior officials from the Centre and various state governments also attended the inauguration.

Held under the theme “Advantage Bharat: An Emerging Global Chemicals Hub,” the three-day India Chem 2026 event will conclude on Saturday.