Incentives must to get speciality chemicals supply chains to India: PwC-Assocham report

India’s specialty chemicals sector is standing at a critical crossroads. A new report jointly released by PwC and Assocham titled “Indian Chemical Industry: Enablers to Make India a Growth Hub for Chemicals” makes a compelling case for urgent government intervention. According to the study, to truly anchor specialty chemical supply chains in India, the Centre must roll out attractive incentives and enforce safeguard duties. The report points out that while the domestic chemicals industry shows immense potential for growth, it is grappling with multiple challenges. Chief among them is the increasing commoditisation of specialty chemicals, a trend that is steadily squeezing profit margins. As competition intensifies globally, India’s manufacturers find themselves pressured to offer lower prices, often at the cost of quality and innovation. But that’s not the only headwind. Adding a layer of complexity is the