Leading SMEs of India 2023

Leading SMEs of India 2023 | 63 [ INDIAN SME SECTOR OVERVIEW ] Share of MSME in Global Inquiries Region-wise Global Inquires Source: D&B Data Cloud D&B DATA CLOUD ENGINEERING SECTOR: GLOBAL INQUIRIES OVERVIEW • Global enquires for engineering sector jumped 4 times since 2019, with 2022 seeing ~ 1,560 inquiries per day. • Miscellaneous manufacturing industries category witnessed the highest 7 times rise in global inquiries in sub-categories. • MSMEs accounted for ~69% of the inquiries done by global customers in 2022, up from 61% in 2019. • Whi le three- four th of the i nqu i r i es are f rom Nor th America, there isgrowing trends in inquries from European countries. CHEMICAL SECTOR The industry can be broadly classified into bulk chemicals, specialty chemicals, agrochemicals, petrochemicals, polymers, and fertilisers and produces over 80,000 commercial products. The industry is valued at around USD 220 bn in FY22 and is poised to reach USD 300 bn by FY25. Indian chemicals industry also provides direct employment to 2 mn people. I nd i a expor t s chemi ca l s to more than 175 countries and has emerged as the 6th largest producer of chemicals and the 4th largest producer of agrochemicals, in the world. Exports of chemicals & al l ied products (excluding pharmaceutical products and fertilizers) accounted for 11.7% of total exports for FY22 Foreign investment with 100% FDI is allowed under the automatic route. The cumulative FDI equity inflow during April 2000 – March 2023 for chemical industry stood at USD 21.3 bn which is 3% of total FDI equity inflow received during this period. GOVERNMENT INITIATIVES As part of Product ion l inked incent i ves , government has introduced following schemes for chemicals Production Linked Incentive Scheme for Bulk Drugs (PLI 1.0): The Production Linked IncentiveScheme for promotion of domestic manufacturing of critical Key Starting Materials (KSMs)/Drug Intermediates (DIs) and Active Pharmaceutical Ingredients (APIs) in India. A financial incentive has been given to eligible manufacturers of i dent i f i ed 41 e l i g i b l e products which covers 53 APIs, for 6 years, committed investment and sales made by selected applicant for the eligible products PLI incentives of up to INR 6,940 crores have been approved. Government has introduced production production-linked incent ive (PLI ) schemes to promote bulk drug parks with an allocation of INR 1,629 crore. So far, 51 projects have been selected for the 34 notified bulk drugs. About 22 projects have been commissioned till date. Moreover, the government is considering introducing PLI Dun & Bradstreet