10 May 2013 09:47 [Source: ICIS news]
TAIPEI (ICIS)--India’s chemicals industry is likely to expand by close to 10% in 2013, the chief of India-based chemical distributor Daga Global Chemicals said on Friday.
The rapid expansion of several key sectors, particularly pharmaceuticals and agricultural chemicals, is likely to drive a level of industry expansion several percentage points ahead of the country’s projected GDP growth for the year, Daga Global Chemicals chairman Satyen Daga said, speaking on the sidelines of the Asia Petrochemical Industry Conference (APIC) in Taipei, Taiwan.
India’s GDP is projected to grow by 5.7% in 2013, according to the International Monetary Forum’s latest World Economic Outlook report, published in April.
The strong forecast growth levels for the industry are in spite of moderate consumption levels and low business confidence, which Daga attributes to government policy and the lack of a coherent regulatory framework to encourage foreign direct investment.
According to Daga, the regulatory difficulties have created a bottleneck on foreign investment, and up to $1,000bn (€760bn) could flow into the country in the span of five years if the country’s bureaucracy becomes more conducive for doing business there.
($1 = €0.76)
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