Reliance Industries chairman and managing director Mukesh Ambani announced an unconditional grant of Rs 151 crore to his alma mater the Institute of Chemical Technology, Mumbai. Ambani had graduated from ICT in the 1970s.
It is likely that the import duty on input materials would be maintained at the current levels. However many finished products with lower import duty compared to duty on input materials may be increased.
The Indian chemical industry has an output of around USD 80 billion and ranks 12th in the world while the size of the global chemical industry is in the region of USD 3 trillion.
Dr R J Rathi, the doyen of Indian chemical industry and executive chairman of Sudarshan Chemical Industries Ltd passed away in Pune Thursday after a brief illness. He was 78 years old.
In 2015, India chemicals industry had a market size of $144 billion.
Sustained growth only if domestic manufacturing rises