The Indian chemical industry requires $75-100 billion to double its size to a $300 billion sector by 2025, according to the Indian Chemical Council.

In a statement, the industry body said that the current turnover of the chemical industry in the country is $150 billion, which is estimated to reach $300 billion by 2025, which would help India become a $7 trillion economy by 2030.

As per the Indian Chemical Council's vision for the sector, digitalisation, global mergers and acquisitions, and focus on downstream specialty chemicals would be the key trends in the industry.

Vijay Sankar, President, Indian Chemical Council said: "It is now imperative to create a new ecosystem for the Indian chemical industry moving closer to customer needs with collaboration and convergence as the new mantra of growth."

As per the council, the chemical industry is growing at 100 basis points faster than India's GDP, making it an important sector to propel the growth of the nation's economy.