India, May 5 -- India has a growing chemical industry that contributes to around 7% of the country's GDP. The industry's growth is heavily fuelled by the increasing domestic demand. With the industry producing more than 80,000 chemical products, it significantly contributes to agriculture, pharmaceuticals, textiles, packaging, and construction. Despite being one of the highest global consumers, India's chemicals trade deficit at more than USD 30 billion underscores the high dependence on imported feedstock and specialty chemicals, particularly from China. The West Asia geopolitical crisis has further aggravated the situation, calling for India to rethink its strategy.

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