New Delhi — Saudi Basic Industries Corp. estimates India's chemical sector will grow from about $110 billion today to more than $250 billion by 2025.
In a Dec. 15 press event in New Delhi, the Saudi Arabia-based company said it anticipates a new national chemicals policy from India's central government, due out in the first quarter of 2016, will help the sector, which has seen growth slow from 15 percent a year to about 11 percent.
As a result, the chemical industry's share of GDP fell from more than 2 percent to 1.9 percent, but Janardhanan Ramanujalu, Sabic's vice president of South Asia and Australia, said the company sees growth markets in plastics like packaging and LED lighting.
As well, the company has started a training program in plastics with India's Central Institute of Plastics Engineering and Technology.
“All 50 students have successfully completed the course and [were] absorbed in the plastics industry,” he said.