Rationalise duties to boost investment in chemical industry: Sudhir Shenoy

Clearer and strongly implemented intellectual property laws at par with international standards are required to bring new research-based products. More clarity and ease in IPR regulations and patent registration process as well as providing incentives for companies to uphold and comply would benefit the industry and boost the R&D activities in India.

Furthermore, Indian oil refineries are starting to make the transition to meet new emission norms to higher international standards of more sustainable practices. There are cost effective solutions available instead of heavy capital investments, perhaps a budgetary allocation for partially funding or incentivising sustainable technology solutions could make the transition efficient. 

According to FICCI, there is strong growth outlook for the Indian chemical industry estimated at 10 percent CAGR by 2020. The impact of demonetisation on the economy and chemical segment’s growth prospects is yet to be seen. Overall, I see the sector increasingly moving from a commodity player to a value based solutions provider. This upward integration will help both big as well as small players by creating more avenues to foster higher collaboration across the value chain.
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Sudhir Shenoy is chief executive officer of Dow Chemical International Pvt Ltd (Dow India)