New Delhi: Union Minister of Commerce & Industry, Piyush Goyal highlighted on Wednesday the International Monetary Fund’s (IMF) recent revision of India’s growth estimate, which increased from 6.4% to 6.6% for this year, stating that this upward revision is an indication to India’s strengthened economy, driven by increased consumer spending, accelerated investment in infrastructure, and a confident business atmosphere.

He also attributed the growth to the government’s proactive measures, including reduced GST rates, which have led to increased consumer spending and GST collection. Goyal futher showed optimism, stating that with a 7.8% GDP growth in the first quarter, India is set not only to meet but possibly exceed the IMF’s estimates, firming its position as one of the world’s fastest-growing economies.

While speaking to reporters outside the Indian Chemicals and Petrochemical Conclave 2025 held at Bharat Mandapam, Goyal said, “The International Monetary Fund (IMF) has recently revised its growth estimates for India, increasing the projected growth rate from 6.4% to 6.6% for this year. This reflects India’s strengthened economy, the country’s confident atmosphere, increased consumer spending due to reduced GST rates, and accelerated investment in infrastructure. While global growth is expected to weaken to 3.2% this year, India’s growth is nearly double that rate. The first quarter saw a 7.8% GDP growth rate, and it is anticipated that India will not only meet but possibly exceed the IMF’s estimates, continuing to be one of the world’s fastest-growing economies. PM Modi’s vision for a developed India by 2047 seems promising.”

Goyal also highlighted the recent surge in GST collection in September, following the rate cuts, and attributed it to Prime Minister Modi’s vision for a developed India by 2047.

“Despite initial concerns about reduced spending and GST collection in August due to anticipated GST rate cuts, September saw increased GST collection, and the market witnessed a surge in consumer spending post the rate cuts. PM Modi has gifted the Indian consumers, especially the lower and middle classes, with these economic benefits.” Goyal added.

On Wednesday, Minister Goyal addressed the distinguished captains of industry at the Indian Chemicals and Petrochemical Conclave 2025 held at Bharat Mandapam, New Delhi, emphasising India’s pathway to global leadership through innovation, technology, and competitiveness.

Applauding the sector’s vital role in nation-building, Goyal said that the chemicals and petrochemicals industry is “omnipresent in every facet of modern life, from agriculture to automobiles, healthcare to infrastructure and must be at the forefront of developing cutting-edge solutions that power India’s growth.”

Reflecting on India’s vision for Viksit Bharat @2047, the Minister called upon industry leaders to set ambitious goals, urging the sector to aspire to become a USD 1 trillion industry by 2040, thereby contributing significantly to India’s target of a USD 35 trillion economy by 2047.

“Our biggest challenge as a nation is that we often don’t aim big enough,” Goyal said. “Innovation, science, and research must be the backbone of India’s progress. The chemicals and petrochemicals sector has the potential to be a global champion in technology-driven growth and sustainability.”

He noted that advanced nations have achieved prosperity through long-term investments in research and development, and India must similarly anchor its growth in innovation. Goyal highlighted that even oil-rich nations are diversifying into renewable energy and clean technologies, recognising that the future belongs to value-added, sustainable industries.

Acknowledging the industry’s strategic importance to the economy, he emphasised collaboration across the value chain and the need for greater self-reliance in critical materials, while also integrating with global markets to enhance competitiveness.

“We must support each other within our value chains, strengthen domestic capabilities, and at the same time, engage confidently with the world,” the Minister added. “A vibrant, innovative chemicals and petrochemicals sector will be central to India’s journey toward becoming a developed economy.”

CII s report on “People Powering Progress: Building India’s Chemical Workforce for a USD 1 Trillion Industry” was released during the Special Plenary Session with Piyush Goyal, Hon’ble Minister of Commerce and Industry, at the 7th edition of Indian Chemicals and Petrochemicals Conference 2025.

The report captures insights on the transformative potential of India’s chemical industry with projections to reach USD 400-450 billion by 2030 and potentially USD 850-1,000 billion by 2040, driven by global supply chain dynamics, domestic demand, and technological advancements. The sector, contributing 7% to India’s GDP and 14% of industrial output, serves as a catalyst for growth across a wide range of sectors.

R Mukundan, President Designate, CII; Chairman, CII National Committee on Chemicals and Petrochemicals; and Managing Director & CEO, Tata Chemicals Ltd., underlined the role of trade and technology partnerships in shaping the sector’s global positioning.

Opportunities opened through Free Trade Agreements (FTAs) enable the strengthening of the ecosystem for R&D, technology partnerships, and trade linkages. These efforts foster customer development and position the chemical industry as a resilient, future-ready global player. Collaboration and partnerships in research and technology will power India’s next leap, strengthening our ecosystem for R&D and global collaboration to make India a chemical manufacturing powerhouse.

Salil Singhal, Chairman of the CII Indian Chemicals and Petrochemicals Conference, Member of the SCALE Committee, and Chairman Emeritus of PI Industries, welcomed recent policy reforms that support the industry. The unveiling of the HSN Code Mapping Guidebook, along with simplified regulatory pathways, strengthened credentials, and empowered MSMEs, marks a landmark reform.

These initiatives bring clarity, precision, and responsiveness to policy frameworks, creating opportunities for meaningful participation in India’s growth story, particularly in the chemical sector.

Chandrajit Banerjee, Director General, CII, highlighted the critical role of government initiatives in strengthening the sector’s competitiveness. The chemical sector’s significant contribution to manufacturing is widely recognised. Within the broad spectrum of Make in India, initiatives such as the Production Linked Incentive (PLI) scheme, PM Gati Shakti, and the National Logistics Policy have played a crucial role in integrating the chemicals and petrochemicals industry into India’s broader manufacturing ecosystem.