APIC '07: India joins “trillion-dollar club”

18 May 2007 07:24  [Source: ICIS news]

TAIPEI (ICIS news)--India has become a trillion-dollar economy and the chemicals sector is booming, KG Ramanathan, president of one of the country’s top industry associations said on Friday.  


Our economy had "joined the club", said Ramanathan of the Chemicals and Petrochemicals Manufacturers Association (CPMA) of India at the Asia Petrochemical Industry Conference (APIC) in Taipei.


Gross domestic product (GDP) had averaged 9.2% in 2006 and 2007 and the chemical industry was growing in excess of that, he added.


Demand growth for polyolefins was 10% in 2006, with plenty of room for growth as per capita consumption of polymers was still only 5kg, he said.


India joins the exclusive trillion-dollar club as its "eleventh member", as per the calculation of Swiss firm, Credit Suisse. The other members comprise the US, Japan, Germany, China, the UK, France, Italy, Spain, Canada and Brazil.


By: Jane Gibson
+44 20 8652 3214

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