Rs 25,000 crore plan to cut dependence on China for key chemicals
With the aim to reduce dependence on China for import of chemicals, the government is planning a production linked incentive scheme to boost local manufacturing of some of the key chemicals used in pharmaceuticals, insecticides and in other critical industrial usage,source said.
In a series of recent meetings, the department of chemicals has identified around 75 critical chemicals and more are likely to be added on the list. The proposal for the incentive scheme includes offering 10% of production value as incentive. According to the proposal, the scheme will have an outlay of Rs 25,000 crore over the next five years.
The proposed scheme assumes significance in the wake of the ongoing tension between the two countries — India and China.
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