Centre to launch scheme to support states in setting up 3 chemical parks

The Centre on Sunday said it will launch a scheme to support state governments for setting up three dedicated chemical parks as part of its efforts to boost domestic output and reduce imports. In her Budget speech, Union Finance Minister Nirmala Sitharaman said, ''To enhance domestic chemical production and reduce import dependency, we will launch a scheme to support states in establishing 3 dedicated chemical parks, through a challenge route, on a cluster-based plug-and-play model.'' India is currently the world's sixth-largest and Asia's third-largest producer of chemicals, supplying essential raw materials to industries such as pharmaceuticals, textiles, automotive, and agriculture, according to a Niti Aayog report. The chemical sector is estimated to reach around USD 400-450 billion by 2030 and USD 850-1,000 billion by 2040.