India is backed by the strongest growth rate in the GDP by the Chemical industry; hence the future looks bright as well. The Chemical Industry of India ranks 6th in the world and 3rd in Asia after Japan and China. In terms of global shipments of chemicals, India ranks 10th in the world. It not only contributes to the GDP but is also a cornerstone for many of the manufacturing industries in the country and in the world.
With Make in India in place, the investment in the manufacturing sector has been made more attractive, the chemical/pharmaceutical industry is getting global exposure, to expand and enhance which would lead to the generation of employment and also gains a competent authority. In terms of research and development, the government Weighted a tax deduction of 200% under section 35 (2AB) of the Income Tax Act for both capital and revenue expenditure incurred on scientific research and development. With the newest of schemes like 59 minutes loan for MSMEs, the manufacturing industries can get up to 1 crore loan which would help the industries expand, and enhance the potential. India has an upper hand as the cost of production of pharmaceutical drugs is relatively lower than in the US and much lower than in the UK.
Even with the amplified growth rate and government incentives, the industry does not escape itself from challenges. There is still a lack of knowledge on how to structure their innovation, marketing and sales, manufacturing, and portfolios accordingly. This is where the well-experienced chemical consultants come in and study the company and its place in the market and help them take the road to progress.
Compliance; another major challenge a chemical industry faces is the government policies and be compliant with the policies. The companies also tend to face a low margin of profits due to the government pricing policies. Pharmaceutical and chemical consultants here can ease the burden of a proprietor by helping them to stay compliant to the government regulations, any updation in the new policy, and benefitting from policies.
The act of transformation is unhurried. The technology, automation, innovation is not the strength of the Indian chemical industry but is rather seen as a weakness. A company to overcome this challenge must put in a lot of effort in Research and development and consultants are known to be the aid to the challenge. By judging the company, a consultant might be able to assist the company in amplifying the technological knowledge and adaption.
SolutionBuggy which is the fastest growing platform to connect manufacturing industries with consultants has helped many new entrepreneurs looking to set up chemical/pharma related units by giving them the best in class consultants who have eased the efforts required to set up the units, manage all the compliance issues, train the employees, help them in the sales and distribution, get contract manufacturing orders. We have also worked on projects for existing industries that wanted to add a new product line, increase efficiency, implement a lean manufacturing process or improve employee output through training.
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