Global economic growth
The global economy started 2024 with the confidence that inflation was largely beaten and that major economies would likely avoid recession. But as the year drew to a close, a nagging worry crept in: inflation proved to be much stickier than wed hoped. While the US economy powered ahead, many other developed nations struggled to keep pace. On top of that, many countries saw their currencies lose value, a situation that could become especially tricky for developing economies.
Stepping in 2025, the global economic activity is expected to maintain modest momentum in 2025 owing to the likely shift
in policy following numerous elections around the world. New policies could lead to new trajectories for inflation, borrowing costs, and currency values, as well as trade flows, capital flows, and costs of production. According to the IMF, the global economy is expected to grow at 3.3% both in 2025 and 2026, primarily on account of an upward revision in the United States offsetting downward revisions in other major economies. Global headline inflation is expected to decline to 4.2% in 2025 and to 3.5% in 2026, converging back to target earlier in advanced economies than in emerging market and developing economies.
Global inflation is expected to ease gradually, dropping from 4.5% in 2024 to 3.5% in 2025, though it will still remain slightly above the 3.1% level seen in 2019. Advanced economies are likely to rein in inflation more quickly than emerging markets, but the path to price stability may not be smooth. Peistent wage and services inflation in some regions could lead to uneven monetary policy responses. Additionally, facto such as rising protectionism, geopolitical tensions, supply chain adjustments, and demographic shifts could keep inflationary pressures elevated, adding uncertainty to the global outlook.
Growth projections for advanced economies are taking different paths. In the United States, strong consumer demand continues to drive momentum, supported by rising wealth, a relatively
flexible monetary policy, and favourable financial conditions. The economy is expected to grow by 2.7% in 2025 - 0.5 percentage points higher than the previous forecast in October. This upward revision reflects the carryover effect from 2024, along with a resilient job market and increasing investments. However, by 2026, growth is anticipated to gradually ease, aligning with its long-term potential.
Growth in the euro area is expected to improve, but at a slower pace than previously anticipated. Ongoing geopolitical tensions continue to dampen confidence, and weaker-than-expected momentum in late 2024 - particularly in manufacturing - has led to a downward revision of the 2025 growth forecast to 1.0%, 0.2 percentage points lower than earlier estimates. However,
by 2026, growth is projected to reach 1.4%, driven by stronger domestic demand as financial conditions ease, confidence strengthens, and uncertainty gradually subsides.
In emerging markets and developing economies, economic growth in 2025 and 2026 is expected to stay on par with 2024.
Chinas 2025 growth forecast has been slightly revised upward by 0.1 percentage point to 4.6%, mainly due to momentum from 2024 and the fiscal stimulus announced in November, which is helping counterbalance the negative impact of trade policy uncertainties and challenges in the property sector. In 2026, growth is expected to remain steady at 4.5%, as trade concerns ease and an increase in the retirement age helps slow down labour supply decline.
Meanwhile, Indias economy is projected to maintain a robust growth rate of 6.5% in both 2025 and 2026, consistent with earlier forecasts and aligned with the countrys long-term potential.
Economic growth in the Middle East and Central Asia is expected to improve, though not as much as previously anticipated. A key factor behind this adjustment is the 1.3 percentage point downgrade in Saudi Arabias 2025 growth forecast, largely due to the extension of OPEC+ production cuts.
In Latin America and the Caribbean, overall growth is set to edge up to 2.5% in 2025, even as some of the regions largest economies experience a slowdown. Meanwhile, sub-Saharan Africa is projected to see stronger growth next year, while emerging and developing Europe is likely to face a slowdown.
Outlook
According to the IMF, factoring in recent market trends and the impact of rising trade policy uncertainty, the uncertainty surrounding the global economy is expected to peist throughout 2025. However, the probable impact of any potential policy changes that are still under discussion.
In 2025, energy commodity prices are expected to decline by 2.6%, largely due to weaker oil demand from China and increased supply from non-OPEC+ countries (which includes Russia), though rising gas prices - caused by colder weather, supply disruptions, and ongoing conflicts in the Middle East - partly offset the decline. Meanwhile, non-fuel commodity prices are projected to rise by 2.5%, mainly driven by higher food and beverage costs due to advee weather affecting major produce.
On the monetary front, major central banks are expected to continue lowering interest rates, though at different speeds, depending on their respective economic growth and inflation outlooks. Fiscal policies in advanced economies, including the U.S., are expected to tighten in 2025-26, with a lesser degree of tightening in emerging and developing markets.
Indian economy overview
Even in FY25, the Indian economy continued to emerge as of the fastest growing economies in the world, but at a sluggish pace compared to the previous yea. Slower growth in the fit half of the fiscal (6%) led the RBI to bring down the annual projection to 6.6% (down from an earlier projection of 7%). However, according to the fit advance estimates, Indias real GDP is expected to grow at 6.4% in FY25.
Some of the key facto which helped drive the growth of the Indian economy include, rural consumption has remained robust, supported by strong agricultural performance, while the services sector continues to be a key driver of growth. Manufacturing exports, particularly in high-value-added components (such as electronics, semiconducto, and pharmaceuticals), have displayed strength, undecoring Indias growing role in global value chains.
Indias current account deficit (CAD) widened to USD 11.5 billion in the third quarter (Q3) of FY25 from USD 10.4 billion in the year-ago quarter due to increase in merchandise trade deficit. However, CAD was unchanged at 1.1% in terms of percentage of GDP. However, on the positive side, CAD moderated from USD 16.7 billion (1.8% of GDP) in Q2 FY25 to USD 11.5 billion (1.1% of GDP). For Q4 FY25, it is expected that the current account to witness a surplus of USD 4-6 billion aided by a seasonal uptick in merchandise exports and the resulting moderation in the merchandise trade deficit, as well as healthy services surpluses. For the entire fiscal year (FY25), the CAD is expected to hover around 0.8% of GDP.1
Indias foreign exchange reserves have continued their upward trajectory, reaching USD 676.3 billion as of April 4, 2025, according to the Reserve Bank of India (RBI). This marks the highest level in five months and reflects gains for the fifth straight week. With this achievement, India has firmly positioned itself as the worlds fourth-largest holder of forex reserves, following China, Japan, and Switzerland. The journey of Indias forex reserves has been remarkable — rising from just USD 29.3 billion in March 1997 to an impressive USD 644.39 billion by December 2024. More than just a number, these reserves are a testament to Indias economic resilience and prudent financial management. In times of global uncertainty, they act as a vital buffer, strengthening market confidence and supporting economic stability. They also play a critical role in bolstering the national currency, facilitating debt repayments, and promoting vibrant trade activities.2
Indias economic growth momentum remains strong, with the real Gross Value Added (GVA) projected to expand by 6.4% in FY25. The agriculture sector is set for a healthy rebound, expected to grow at 3.8%, reflecting resilience in farm output. The industrial sector is poised for 6.2% growth, supported by a surge in construction activities and steady expansion in electricity, gas, water supply, and other utilities. Meanwhile, the services sector continues to be a key driver of economic activity, projected to grow at 7.2%, fuelled by strong performance in financial and real estate services, professional secto, public administration, and defence. This balanced expansion across secto undecores the economys robustness and adaptability in the face of evolving challenges.3
Despite the overall positive outlook, certain challenges peisted, particularly in the manufacturing sector. Export growth in this segment faced a notable slowdown, largely due to subdued demand from key international markets. Additionally, the aggressive trade and industrial policies adopted by major trading nations further intensified the pressure, creating a more competitive and restrictive global landscape for manufacturing exports.
In its January 2025 update of the World Economic Outlook, the International Monetary Fund (IMF) revised Indias real GDP growth projection for FY25 to 6.5%, marking a 0.5 percentage point downgrade from its October 2024 forecast. This adjustment largely stems from an unexpected 12.3% contraction in the Government of Indias capital expenditure during the fit eight months of FY25 - a stark contrast to the budgeted 17.1% growth over FY24s actuals, as reported by the Controller General of Accounts (CGA). The slowdown in public investment has, in turn, dampened gross fixed capital formation (GFCF) - a key indicator of investment activity - bringing its estimated growth down to 6.4% in FY25, compared to 9.0% in FY24. On the external front, however, there is a silver lining. The estimated 1.7 percentage point positive contribution of net exports to real GDP growth reflects the benefits of lower crude oil prices, even as global economic uncertainties continue to pose challenges for the economy.4
Indias net direct tax collections for FY25 witnessed a robust 13.57% growth, rising to 22.26 lakh crore. This figure not only exceeded the initial budget estimates but fell just short of the revised target, largely due to lower-than-expected non-corporate tax receipts. Reflecting the strength of this performance, tax buoyancy - which measures the growth in direct taxes relative to GDP growth - improved to 1.57, up from 1.54 in FY24. For context, the net direct tax collection in FY24 stood at 19.60 lakh crore, underlining the strong momentum carried into the new fiscal year.5
Indian MSME sector
The Micro, Small, and Medium Enterprises (MSME) sector is a critical enabler of Indias socio-economic progress. Beyond driving economic growth, it plays a crucial role in shaping the nations entrepreneurial landscape, particularly in semiurban and rural regions. Its contributions extend far beyond numbe, fuelling innovation, creating jobs, and strengthening local economies. As a key engine of Indias GDP and exports, the MSME sector continues to be a catalyst for inclusive and sustainable development.
As a cornetone of Indias industrial ecosystem, the MSME sector drives manufacturing, exports, and employment, shaping the nations economic fabric. With 5.93 crore registered MSMEs employing over 25 crore people, these enterprises form the backbone of economic activity. In 2023-24, MSME- related products contributed 45.73% of Indias total exports, undecoring their pivotal role in establishing the country as a global manufacturing powerhouse. Recognizing this, the latest budgetary provisions focus on fostering innovation, enhancing
competitiveness, and improving resource accessibility. By empowering MSMEs with the necessary tools and support, the government aims to expand their reach and amplify their impact on Indias economic growth.
Exports from MSMEs have seen substantial growth, rising from 3.95 lakh crore in 2020-21 to 12.39 lakh crore in 2024-25. The number of exporting MSMEs has also surged, increasing from 52,849 in 2020-21 to 1,73,350 in 2024-25. Their contribution to Indias total exports has steadily grown, reaching 43.59% in 2022-23, 45.73% in 2023-24, and 45.79% in 2024-25 (up to May 2024). These trends undecore the sectors increasing integration into global trade and its potential to drive Indias position as a manufacturing and export hub.
Key Budget takeaways for the Indian MSME Sector6 Revised classification criteria: To empower MSMEs with greater growth opportunities, the investment and turnover thresholds for classification have been significantly raised, by 2.5 times and 2 times, respectively. This strategic move aims to enhance operational efficiency, drive technological adoption, and create more employment opportunities, fostering a stronger and more competitive business ecosystem.
Enhanced credit availability: The credit guarantee cover for micro and small enterprises has been increased from 5 crore to 10 crore, enabling additional credit of 1.5 lakh crore over five yea. Startups will see their guarantee cover double from 10 crore to 20 crore, with a reduced fee of 1% for loans in 27 priority secto. Exporter MSMEs will benefit from term loans up to 20 crore with enhanced guarantee cover.
Credit cards facility for micro enterprises: A new customised Credit Card scheme will provide 5 lakh in credit to micro enterprises registered on the Udyam portal, with 10 lakh cards set to be issued in the fit year.
Support for startups and fit-time entrepreneu: A
dedicated 10,000 crore Fund of Funds is likely to be launched to strengthen support for startups, fostering innovation and entrepreneuhip across the country. Additionally, a new initiative will empower 5 lakh fit-time women, Scheduled Caste, and Scheduled Tribe entrepreneu by offering term loans of up to 2 crore over a five-year period. This initiative aims to create greater financial inclusion, encourage self-reliance, and unlock new opportunities for underrepresented entrepreneu.
Focus on labour-intensive secto: A Focus Product Scheme for the footwear and leather sector aims to boost innovation, manufacturing, and non-leather production, creating 22 lakh jobs and driving a 4 lakh crore turnover. A new toy sector scheme will enhance cluster development and skill-building, positioning India as a global manufacturing hub. Meanwhile, a National Institute of Food Technology in Bihar will accelerate food processing growth, unlocking opportunities in the eastern region.
Manufacturing and clean tech initiatives: A National Manufacturing Mission will provide policy support and road maps for small, medium, and large industries under the Make in India initiative. Special emphasis will be given to clean tech manufacturing, fostering domestic production of solar PV cells, EV batteries, wind turbines, and high-voltage transmission equipment.
Export scenario7
Despite the prevailing geopolitical tensions, the Indian goods and services exports is expected to cross USD 800 billion by the end of the current fiscal, signalling a robust economy and continued growth across secto. This would be higher than the earlier record of USD 776.68 billion in the overall exports in FY24.
As demand for Indian products in the global market surges across categories, the countrys total exports reached about USD 778 billion in FY 2023-24, compared to USD 466 billion in FY 2013-14 - a whopping 67% growth. In 2023-24, merchandise exports stood at USD 437.10 billion, while services exports contributed USD 341.11 billion, demonstrating a well-balanced expansion. Key secto like electronics, pharmaceuticals, engineering goods, iron ore, and textiles played a vital role in this surge. Strengthened by strategic policy measures, enhanced competitiveness, and broader market access, Indias export ecosystem is now more resilient and deeply integrated into the global economy.
The momentum has continued into FY 2024-25, with cumulative exports during April-December 2024 estimated at USD 602.64 billion, a 6.03% increase from USD 568.36 billion in the same period of 2023. Strengthened by strategic policy measures, enhanced competitiveness, and broader market access, Indias export ecosystem is now more resilient and deeply integrated into the global economy.
Indias share in world merchandise exports also improved from 1.66% to 1.81%, with the country advancing in rankings from 20th to 17th position. The feat was achieved as the government implemented several initiatives to sustain and accelerate export growth.
Outlook
India is poised to sustain a robust 6.5% GDP growth in FY 2026, driven by favourable monsoons and stable commodity prices. This momentum is supported by a resilient manufacturing sector, moderated inflation, tax incentives, and strong urban consumption. Additionally, continued infrastructure expansion and economic reforms are reinforcing Indias ability to navigate global uncertainties.
Looking ahead, India is expected to maintain its potential real GDP growth of 6.5% Y-o-Y from FY26 to FY28, positioning itself as the worlds third-largest consumer market by 2026 and the third-largest economy by 2027, trailing only the United States and China. The countrys nominal GDP is projected to rise from USD 4 trillion in FY25* to over USD 6 trillion by FY30*.
This growth trajectory is likely to be fuelled by a manufacturing and export push, increasing services exports, and accelerated digitalization, all contributing to higher productivity and efficiency gains. However, challenges peist, including the need to create productive employment for the expanding workforce, a less favourable global trade environment, and the impact of automation on jobs.
Indian mining industry
Blessed with rich mineral reserves and a divee resource base, Indias metals and mining sector stands as a cornetone of the nations growth and industrial progress. The country produces an impressive array of 95 minerals, comprising 4 fuels, 10 metallic, 23 non-metallic,
3 atomic, and 55 minor minerals (including materials for construction and other uses). Today, 1,319 mines power this vast ecosystem, with states like Madhya Pradesh, Gujarat, Karnataka, Odisha, Chhattisgarh, Andhra Pradesh, Rajasthan, Tamil Nadu, Maharashtra, Jharkhand, and Telangana leading the charge. Driving Indias march toward sustainable development and energy self-reliance, coal production achieved a remarkable milestone, surpassing 900 million tonnes as of early March 2024. This achievement is critical to Indias power sector, where thermal power plants contributing nearly 70% of the countrys electricity generation.
Indias mining sector recorded robust growth in the financial year 2024-25, building on the momentum of the previous year, with several key minerals achieving all-time high production levels, according to provisional data released by the Ministry of Mines on Monday. Iron ore, which accounts for nearly 70% of the total mineral production value under the Mineral Conservation and Development Rules (MCDR), reached a historic milestone in FY 2024-25, with output soaring to an all-time high of 289 million metric tonnes (MMT). This represents a 4.3% increase over the previous record of 277 MMT set in FY 2023-24.
Manganese ore production also achieved new heights, growing by an impressive 11.8%, from 3.4 MMT in FY 202324 to 3.8 MMT this fiscal. Bauxite output saw a steady 2.9%
rise, inching up from 24 MMT to 24.7 MMT. Likewise, lead concentrate production recorded a 3.1% increase, moving
from 381 thousand tonnes (THT) to 393 THT. In the nonferrous metals segment, primary aluminium production hit a new record, advancing from 41.6 lakh tonnes (LT) in FY 2023-24 to 42 LT in FY 2024-25. Refined copper output also demonstrated robust growth, climbing 12.6%—from 5.09 LT to 5.73 LT.
Today, India proudly holds its position as the worlds second-largest producer of aluminium, ranks among the top ten produce of refined copper, and stands as the fourth-largest producer of iron ore globally—a testament to the countrys growing strength and capability in the global minerals and metals arena.
Indian paint and coating industry
Indias paint industry, long regarded as a symbol of resilience, faced a mixed growth trajectory in FY25. While rural markets showed promising demand, metro cities experienced a noticeable slowdown, tempering overall momentum. The sector also contended with mounting challenges -intensifying competition, shrinking margins due to rising raw material
costs, and the prolonged monsoon season. Advee weather conditions and flooding in key regions further compounded difficulties, making FY25 a particularly challenging year for paint companies.
The recent entry of new playe like Grasim and JSW has intensified competition, shaking up the market dynamics. In response, established industry playe continued to focus on ramping up their capital investments, expanding dealer networks, and increasing advertising efforts to safeguard their market share. However, this aggressive push comes at a cost - rising expenses are putting pressure on operating profitability, leading to tighter margins.
However, the outlook for the rest of 2025 appea promising, fueled by rising demand across infrastructure, real estate, and automotive secto. The industry is on track to reach 1.3 trillion by the years end, growing at a steady CAGR of 12-15%. Meanwhile, the shift towards sustainability is accelerating, with water-based paints and eco-friendly alternatives gaining momentum as environmental consciousness continues to shape consumer preferences.
Growth drive for the Indian paint industry
I. Rising disposable incomes: Rising disposable income in urban areas is driving growth in the decorative paints segment, as homeowne invest more in renovations and repainting. Between 2014-15 and 2022-23, Indias per capita net national income rose by 35.1%. As of 2025, it stands at USD 2,940 and is projected to reach USD 4,000 by 2030. Higher NNI per capita is often associated with improved quality of life and increased consumption, positively influencing the paints industry.
II. Urbanization: With an increasing number of people moving to urban areas is expected to generate a higher demand for housing and infrastructure, which in turn boosts demand for paints.
III. Rising per capita paint consumption: Indias per capita paint consumption grew from 2.6 kg in FY12 to 4.1 kg in FY19 at a CAGR of 6.8% and is projected to reach 4.5 kg by 2025. Despite this rise, it remains far below the global average of 14-15 kg, indicating significant growth potential for the Indian paint industry.
IV. Governments policies with a focus on infrastructure developments: The governments infrastructure push is boosting demand for industrial coatings and decorative paints. As investments pour into different infrastructure projects, the demand for functional coatings, protective paints, waterproofing solutions, and construction chemicals are expected to rise. Enhanced connectivity and large- scale construction projects are not only transforming the nations infrastructure but also fuelling the growth of the coatings industry, making it an essential contributor to this development journey.
V. Continuous shift from unorganised to organized
playe: The unorganised sector holds 30% of the market, with ~2,500 small paint manufacture spread across smaller cities and rural areas. However, rapid urbanization, rising incomes, and shifting consumer preferences are driving a shift toward affordable, entry-level paints from organized playe, favouring quality and reliability.
VI. Growing Indian real estate sector: Indias real estate sector is poised for remarkable growth, with its market size projected to reach USD 332.85 billion in 2025, a notable
rise from USD 300 billion in 2024. According to IBEF, the sector is on track to expand significantly, expected to touch USD 1 trillion by 2030 and an impressive USD 5-7 trillion by 2047. This rapid expansion presents strong growth opportunities for the Indian paints industry, driven by increasing urbanization, infrastructure development, and rising demand for residential and commercial spaces.
VII. Reducing repainting cycle: In India, rising incomes and growing awareness of home maintenance have led to a shorter repainting cycle. While homeowne once repainted their homes every 7-8 yea, today, it has reduced to 4-5 yea. This shift not only reflects changing lifestyle preferences but also serves as a significant driver of increased paint consumption.
VIII. Rising middle class population: Indias middle class is expanding at an impressive rate of 6.3% annually, making it the fastest-growing demographic segment in the country. Currently, it accounts for 31% of the total population and is expected to reach 38% by 2031, with projections indicating that 60% of Indians will belong to the middle class by 2047. As the backbone of the economy, this segment is expected to drive divee consumption patterns across essential secto. Rising disposable incomes are fuelling urbanization, the expansion of rural markets, and a growing preference for premium, innovative and value- added products.
Key trends reshaping the Indian paint industry
Growing demand for low-VOC and high- performance eco-coatings
The Indian market is witnessing a steady rise in demand for low-VOC (volatile organic compound) and high- performance eco-friendly coatings, driven by growing environmental consciousness and tightening regulatory norms. This shift is especially prominent in the residential sector, but it is also making significant inroads into the automotive and construction industries. At the heart of this transformation lies a broader movement towards sustainable building materials and environmentally responsible product choices.
Increasing awareness about indoor air quality and the ecological footprint of conventional coatings is prompting both consume and businesses to opt for low-VOC alternatives. Government authorities, too, are playing a pivotal role by enforcing stricter VOC emission norms, further accelerating the transition to greener solutions. In residential spaces, low-VOC paints are gaining particular traction, prized for their low impact on indoor air quality—a critical consideration for households with children, the elderly, or pets.
This growing preference for sustainable coatings is reshaping the landscape of the Indian paint industry. In response, manufacture are ramping up investments in research and development, striving to deliver innovative, high-performance eco-coatings that meet evolving consumer expectations while aligning with global sustainability goals.
On the export front, this is a promising trend is taking shape. The global paint industry is increasingly shifting towards eco-friendly solutions, driving demand for nontoxic, environmentally safe products. Rapid infrastructure growth and urbanization in regions like Southeast Asia, Africa, and Latin America are further fuelling the need for high-quality paints and coatings. By embracing innovation in formulations-such as low-VOC (volatile organic compounds) and advanced eco-friendly coatings-
the Indian paint exporte have the opportunity not only to comply with tightening environmental regulations but also to connect with a growing base of environmentally conscious consume.
Incentive scheme by GOI to promote exports
The Government of India has rolled out a range of initiatives to boost paint exports, offering valuable incentives to industry playe. Among these are the Production Linked Incentive (PLI) scheme and the Duty Drawback scheme, designed to enhance competitiveness on the global stage. Exporte also benefit from financial support through the Rebate of State Taxes and Cess on Exports (RoSCTL) and the Rebate of Duties and Taxes on Exported Products (RoDTEP) schemes, making Indian paints more attractive and affordable in international markets.
• Production Linked Incentive (PLI) Scheme: The
scheme aims to boost domestic manufacturing and exports by offering incentives to key secto, including paints. This scheme includes financial incentives for eligible companies that meet specific investment and production targets.
• Rebate of Duties and Taxes on Exported Products (RoDTEP): The Government of India introduced RoDTEP scheme to boost paints exports. This scheme provides a rebate of various duties and taxes borne by exporte, including import duties and other levies. The budget allocation for the current financial year 2024-25 is 16,575 crores, and the benefits of the RoDTEP scheme have been extended to exports from Domestic Tariff Area (DTA) units till September 30, 2025.
• Duty Drawback Scheme: This scheme allows exporte to claim a rebate on duties paid on imported inputs used in the manufacture of exported goods. The scheme is administered by the Department of Revenue and helps to reduce the cost of exporting goods.
Outlook
The Indian paint industry is undergoing a significant transformation as consumer preferences are gradually shifting from traditional whitewashing to high-quality options such as emulsions and enamel paints. This evolving demand has laid a strong foundation for the industrys sustained growth.
The Indian paint industry is expected to become increasingly dynamic with the entry of new playe like JSW Paints, Grasim Industries (Birla Opus), and JK Cement (Acro Paints), particularly in the decorative paints segment. As competition intensifies, companies are also likely to adopt divee strategies to capture a larger share of the expanding market. A key focus would be on premium and eco-friendly products, allowing brands to differentiate themselves and cater to the growing consumer preference for sustainable solutions. With an influx of new entrants, merge and acquisitions are expected to become more frequent. Given the capital-intensive nature of the industry, many smaller or newer playe may struggle to sustain themselves in an increasingly competitive landscape. As a result, consolidation is likely to shape the future of the Indian paint industry, driving innovation and strengthening market resilience.
Additionally, the rise in disposable income of the average middle class, combined with increased investment in education; urbanization; rural market development; and various launches of many innovative products, such as friendly, odour free, and dust & water-resistant paints, are major drive propelling the growth of the Indian paint market. The Indian paint industry is at an inflection (transformation) point. With strong growth drive, high profitability, and intense competition. For consume, this means more choices, better quality, and competitive pricing. For investo, this is a great opportunity to invest in a sector that is set to grow in the coming yea and for companies to innovate and offer quality products to the end use.
Indian Plastics Industry
The plastic industry is a cornetone of Indias economy, playing a vital role in its growth and development. The industry began its journey in 1957 with the production of polystyrene, marking the inception of what have evolved to become a thriving sector. Since then, Indias plastic consumption has surged 23-fold, reaching approximately 22 million tons. Per capita consumption has also witnessed a remarkable rise, growing from just 1 kg per peon to 15 kg per inhabitant.
Today, India stands as the third-largest consumer of plastics globally, accounting for 6% of total usage, trailing only behind China and the United States. With economic expansion and a rising population, plastic consumption is poised for continued growth in the yea ahead, shaping industries and everyday life across the nation.
The Indian plastic industry is one of the fastest-growing secto in the country, driven by increasing demand across industries such as packaging, automotive, construction, and consumer goods. Expected to be valued around USD 49.50 billion in 2025, the
market is projected to grow at a compound annual growth rate (CAGR) of 6.5% from 2025 to 2030, reaching USD 67.82 billion by 2030. This growth is expected to be fueled by the increasing population and urbanization, which has significantly boosted plastic consumption, presenting both economic opportunities and environmental challenges. The industry is under increasing pressure to adopt sustainable practices, including recycling and reducing plastic waste, while benefiting from government initiatives aimed at enhancing manufacturing and exports.
Today, the Indian plastics industry employs ~40 lakh worke, while the processing units and the exporte are about 30,000 and 2,000, respectively. Of these, 85 to 90% are small and medium enterprises (SMEs). The Indian plastics industry produces a wide range of products, such as plastic and linoleum, houseware products, cordage, fishnets, and floor coverings. It also creates medical items, packaging items, plastic films, pipes, and raw materials, among othe. In terms of exports, the country mainly exports plastic raw materials, films, sheets, woven sacks, fabrics, tarpaulin, etc. With nearly 4,953 registered plastic manufacturing/recycling units engaged in plastic activities in 30 states/Union territories of India and 823 non-registered plastic manufacturing/recycling units in 9 states/UTs. These plastic products are exported to more than 150 nations, mostly in Europe, Africa, & Asia.
Driving Growth: Governments Vision for the Indian plastic industry
The Plastic Export Promotion Council (PLEXCONCIL) has set an ambitious target to elevate Indias plastic exports to USD 25 billion by 2027. To support this growth, multiple plastic parks are being developed across the country in a phased manner, enhancing domestic manufacturing capabilities. Under the Plastic Park Scheme, the Government of India provides financial assistance covering up to 50% of project costs, with a ceiling of 40 crore (USD 5 million) per project.
Strategic initiatives like "Digital India,” "Make in India,” and "Skill India” are further bolstering the plastic industry. For instance, under "Digital India,” efforts to reduce import dependency
are creating new opportunities for local plastic component manufacture, driving self-reliance and industry expansion.
Recognizing the importance of innovation, the government has also launched Cente of Excellence (CoEs) to advance petrochemical technology and foster research in the plastics sector. These initiatives aim to develop new applications of polyme and plastics, reinforcing Indias position as a global player. Additionally, 23 Central Institutes of Plastics Engineering & Technology (CIPET) have been approved to facilitate financial and technological collaborations, nurturing skill development and fostering growth in the chemicals and petrochemicals sector.
With these strategic efforts, Indias plastic industry is poised for transformative growth, leveraging innovation, infrastructure, and policy support to strengthen its global footprint.
Packaging: The driving force of Indias plastics industry
The packaging segment holds the largest share of Indias plastics market, fuelled by rising demand in second-tier cities where new product launches are driving the need for efficient plastic packaging. Both domestic and international companies are leveraging joint ventures and strategic partnehips, accelerating market expansion.
The affordability, flexibility, and low carbon footprint of plastic resins have been key growth drive for the industry.
In the past year, Indias plastic packaging production volume increased to 4.16 million tonnes, up from 4 million tonnes the previous year, reflecting a 3.97% y-o-y growth.
This growth is further propelled by rising disposable incomes, increasing consumption of packaged goods, and the rapid expansion of e-commerce. Additionally, leading industry playe continue to introduce innovative packaging solutions, with technological advancements shaping the future of the sector. As demand surges, Indias plastic packaging industry remains on a strong trajectory, evolving to meet the needs of a dynamic consumer market.
Trends in Plastics export from India
Indias plastics industry continued its upward trajectory in FY25, particularly in the export segment. Once a regional player, India has now emerged as a global leader in plastic packaging, driven by rising global demand for sustainable, flexible, and innovative packaging solutions. In September 2024 alone, India exported plastic products worth USD 1,103 million, marking an impressive 25.9% year-on-year growth. The momentum remained strong throughout the fit half of the fiscal year (April to September 2024), with total plastic exports reaching USD 6.12 billion, reflecting a 9.7% increase over the previous year.8
Cumulative value of plastics export during April 2024 - March 2025 was USD 12,471 million as against USD 11,551
during the same period last year, registering an increase of 8.0%. With its expanding global footprint and a focus on innovation and sustainability, India continues to solidify its position as a key player in the international plastics market.9
Growing usage of minerals in the plastics & polymer industry
Over time, the Indian plastics industry has seen a steady rise in the use of minerals, recognizing their vital role in enhancing the performance and veatility of plastics and polyme. Mineral- based additives like calcium carbonate, talc, silica, and clay have become essential, serving as fille, reinforcements, and functional agents that significantly improve the strength, durability, and other key properties of plastic products.
Calcium carbonate, talc, and silica, for example, are widely used to increase rigidity, reduce shrinkage, and enhance the overall cost-efficiency of the final products. Meanwhile, clay minerals act as both fille and reinforcements, elevating the performance of plastics and broadening their range of applications.
Beyond strengthening physical properties, certain minerals also boost the electrical conductivity of plastics, paving the way for their use in high-performance and specialized industries. Mineral additives further enhance heat resistance, making plastics more reliable in high-temperature environments. Importantly, they contribute to sustainability efforts by enabling the incorporation of more recycled or bio-based materials into plastic formulations. Some minerals even support the recycling process itself, helping to separate different types of plastics and improving the quality of recycled outputs — a meaningful step toward promoting circularity within the industry.
Indias evolving plastics market: sustainability and innovation driving growth
The Indian plastics market is undergoing a transformation, driven by sustainability efforts and evolving industry demands. Government bans on single-use plastics and circular economy initiatives are accelerating the shift toward biodegradable, recycled, and bio-based alternatives. The packaging sector, led by FMCG, e-commerce, and food delivery, is fuelling demand for compostable and reusable solutions, while advancements in biodegradable plastics enhance durability and performance.
Industries such as automotive, construction, and electronics are increasingly adopting lightweight, high-performance plastics to improve efficiency and cost-effectiveness. EV manufacture are leveraging engineering plastics to reduce vehicle weight, while construction is embracing uPVC pipes, insulation panels, and modular components. In electronics, flame-retardant and conductive polyme are gaining traction for advanced applications.
Consumer demand, urbanization, and e-commerce growth continue to drive the packaging industry, the largest consumer of plastics. Innovations in flexible packaging, PET bottles, and multilayer films enhance shelf life and convenience, with brands integrating smart packaging for greater engagement. As industries embrace sustainability and technological advancements, Indias plastics market is poised for robust expansion.
The Indian Polypropylene (PP) and Polyvinyl Chloride (PVC) industries are on a promising growth trajectory heading into 2025, fueled by rapid urbanization, infrastructure expansion, and rising demand across multiple secto. As integral pilla of the broader plastics industry in India, both PP and PVC are witnessing dynamic shifts - marked by robust growth potential as well as evolving regulatory landscapes.
The Indian PP market is expected to touch USD 14.8 billion by 2027, undecoring its growing relevance in packaging, automotive, and consumer goods. Similarly, the PVC pipe market, valued at approximately USD 5.25 billion in 2024, is projected to grow at a CAGR of 5.79%, reaching nearly USD 7.43 billion by 2030.
A major contributor to this growth is Indias accelerating urban development and construction boom. However, an equally vital driver is the rural economy, where PVC pipes are increasingly being adopted for irrigation and water management. Their durability, cost-efficiency, and resistance to corrosion make them ideal for essential applications - ranging from water supply and sewage systems to agricultural irrigation.
Government initiatives like the Pradhan Mantri Krishi Sinchayee Yojana (PMKSY) are further propelling demand by promoting efficient water usage and modern irrigation techniques. Lightweight and easy to install, PVC pipes have emerged as a preferred alternative to traditional materials like steel and concrete, reinforcing their widespread acceptance and positioning them as a cornetone of Indias sustainable infrastructure growth - especially in the heartland.
Outlook
Indias plastic industry is poised for significant growth, driven by rising demand across key secto such as packaging, automotive, construction, and consumer goods. As industries continue to evolve, technological advancements and a strong push for sustainable, eco-friendly plastics are shaping the future of the sector.
Government initiatives supporting local manufacturing, coupled with a rapidly expanding middle class, are further accelerating plastic consumption in India. According to industry estimates, Indias plastic consumption could surpass 160 million metric tons by 2060, more than doubling its current share in global consumption. This trajectory highlights not just the expanding opportunities within the industry, but also the need for innovation and responsible growth in the yea ahead. The Indian chemical and petrochemicals sector has evolved to become a cornetone of Indias economic landscape, driving industrial innovation and contributing significantly to job creation and technological advancement. This dynamic industry not only serves as a critical input for various secto—including agriculture, pharmaceuticals, textiles, and automotive — but also plays a vital role in enhancing the quality of life for millions of citizens.
Indian chemicals & petrochemicals industry
The Indian chemicals and petrochemicals (CPC) industry stands as one of the countrys most vital and dynamic secto, consistently delivering promising growth and emerging as a hub of opportunities, even in challenging times. Over the yea, it has evolved into a cornetone of Indias economic landscape, fuelling industrial innovation, generating employment, and driving technological progress. Serving as a key enabler for divee secto—including agriculture, pharmaceuticals, textiles, and automotive - it plays an essential role in shaping industries and enhancing the quality of life for millions.
The Indian chemical industry was valued at USD 254.3 billion in FY23 and is poised for steady expansion, with a projected CAGR of 7.2% from FY19 to FY30, reaching USD 383 billion by FY30. This growth is primarily fueled by the rising demand across end-user industries for specialty CPC. In India, the demand for CPC is expected to witness a nearly threefold surge, reaching an estimated USD 1 trillion by 2040, undecoring the sectors immense potential and evolving market dynamics.
Indias chemicals and petrochemicals industry is poised for strong growth, driven by a shift to alternative feedstocks like coal gasification and syngas to reduce import dependence. With a USD 100 billion investment planned by 2030, the petrochemical sector aims to boost self-sufficiency and expand specialty chemical production. Rising incomes and urbanization are fuelling demand for specialty chemicals in consumer goods, while global supply shifts—driven by Chinas environmental regulations and US-China trade tensions—position India as a key player in specialty chemical exports.
Contribution of the Indian chemicals industry to Indias GDP
Indias chemical industry is a key player on the global stage, ranking sixth worldwide and third in Asia, contributing 2.6% to global chemical sales. With a divee portfolio of over 80,000 chemical products, the sector serves a wide range of industries, including textiles, automotive, agriculture, packaging,
pharmaceuticals, healthcare, construction, and electronics. As a cornetone of the Indian economy, the chemical industry plays a pivotal role in driving industrial growth and economic development. It comprises a dynamic mix of large, medium, and small enterprises, producing a broad spectrum of chemicals such as petrochemicals, alkali chemicals, inorganic and organic chemicals, pesticides, dyes, and pigments.
Indias chemical exports are on a steady growth trajectory and are expected to surpass the USD 30 billion mark in FY25, rebounding from a dip in FY24. With strong policy support announced in the recent budget, the industry is poised to expand further, reaching USD 300 billion by the end of 2025. Currently, India exports chemical products to over 175 countries, with the United States and China as primary destinations. Additionally, emerging markets such as Turkey, Russia, and North-East Asia—including China, Japan, South Korea, and Mongolia—are strengthening trade ties, further cementing Indias position as a global leader in chemical manufacturing and exports.
Key policy announcements relevant for chemical sector
Budget 2025 has laid out several policy measures which will provide a direct or indirect impetus to the chemical industry:
I. The announcement of the National Manufacturing Mission is set to reinforce the Make in India initiative,
with significant benefits for the chemical industry, which underpins various manufacturing secto. By building a robust ecosystem for solar PV cells, EV batteries, moto and controlle, electrolyze, wind turbines, ultra-high voltage transmission equipment, and grid-scale batteries, the initiative is poised to accelerate growth in chemical manufacturing and innovation.
II. Further, the National Action Plan for the Toy Industry is expected to boost the specialty chemicals sector, while a three-year pipeline of PPP infrastructure projects is likely to increase demand for construction chemicals.
III. To support smaller enterprises, the establishment of an Export Promotion Mission for MSMEs will provide crucial financial assistance, particularly through easier access to export credit. This will empower Indian chemical companies - especially smaller playe - to expand into international markets and enhance global competitiveness.
IV. The establishment of Global Capability Centres (GCCs) in emerging Tier 2 cities holds immense potential for the Indian chemical industry. By tapping into a pool of skilled talent, these cente can drive operational efficiency, reduce costs, foster innovation, and contribute to a more resilient and diveified industrial ecosystem.
V. To further bolster the sector, the creation of National Centres of Excellence for Skilling will play a crucial role in advancing the Make in India initiative. By enhancing workforce capabilities, this initiative is set to positively impact the chemical industry, strengthening its competitive edge.
VI. Recognizing the need for research-driven innovation, the government has proposed an allocation of INR 20,000 crore for a private sector-led R&D and innovation initiative. Should a portion of this budget be directed towards the
chemical sector, it would serve as a significant catalyst for cutting-edge research, technological advancements, and long-term value creation.
VII. Additionally, the government has introduced plans to establish a Deep Tech Fund of Funds, aimed at accelerating innovation in next-generation startups within the chemical industry. This initiative has the potential to drive breakthroughs in advanced materials, green chemistry, and sustainable solutions.
VIII. To further enhance the ease of doing business in India, the government is also set to expand the scope for fast- track company merge and streamline the approval process, making it more efficient and business-friendly. These reforms are expected to create a more seamless and growth-oriented environment for the chemical sector and beyond.
IX. Lastly, the revamp of Bilateral Investment Treaties aims to create a more investment-friendly framework, fostering a conducive environment for growth, development, and foreign investment in the Indian chemical industry. This strategic move will strengthen global competitiveness while safeguarding domestic playe, ensuring long-term industry sustainability.
Key growth drive
Driven by rising domestic demand and strategic initiatives to enhance self-sufficiency, Indias chemical industry is experiencing remarkable growth. Valued at USD 220 billion in 2024, it is projected to reach USD 300 billion by 2028, solidifying its role as a key driver of the nations economic expansion. Industry estimates suggest that the sector will grow at a CAGR of 11-12% between 2021-2027 and maintain a steady 7-10% growth rate from 2027 to 2040. This trajectory is expected to triple Indias global market share in the chemical industry by 2040, reinforcing its position as a dominant player on the world stage.
Rising domestic consumption: The chemical industry serves as a cornetone for numerous end-user secto, including agriculture, pharmaceuticals, automotive, electronics, and construction, among othe. Notably, nearly 70% of Indias chemical production is consumed within the country, reflecting its critical role in the domestic market. Looking ahead, India is set to drive 20% of the global incremental chemical consumption over the next two decades, with domestic demand projected to soar between USD 850 billion and USD 1 trillion by 2040.
Changing consumer behaviour: The global demand for ecofriendly and sustainable products is rapidly growing, and India is well-positioned to capitalize on this shift. As a key producer of essential chemicals used in manufacturing these products, the country stands to play a significant role in the evolving sustainable economy.
Evolving supply chains: Various geopolitical facto continue to shape the global supply chain for chemicals and petrochemical products, prompting manufacture to explore new markets for greater resilience. In this evolving landscape, India stands out with its strong value proposition, positioning itself as a reliable and strategic partner for global supply chain diveification.
Government intervention: Policy reforms and incentive schemes such as Remission of Duties and Taxes on Exported Products (RoDTEP) and the Production-Linked Incentive (PLI) program, along with strategic initiatives like Petroleum, Chemicals, and Petrochemical Investment Regions (PCPI) and Plastic Parks, are playing a pivotal role in driving the industrys growth and expansion.
Othe: Indias cost-effective manufacturing, skilled workforce, and abundant natural resources, coupled with its strong commitment to sustainability across the supply chain, create a competitive edge in the global value chain.
Growing CRAMS opportunity in India
Contract Research and Manufacturing Services (CRAMS) have long been a cornetone of the pharmaceutical industry. However, in recent yea, this model has gained significant traction in other secto, particularly the agrochemical industry. Over the past few decades, Indian chemical companies have honed their synthetic capabilities, emerging as key playe in this rapidly growing and highly competitive market.
Several leading Indian firms have built a strong track record, serving an international clientele for over a decade. Their sustained success in the CRAMS sector is driven by consistent project execution, process innovations, cost efficiencies, and robust intellectual property protection— facto that have led to recurring business and a growing pipeline of opportunities.
The evolving perception of Indian chemical companies among multinational corporations is set to further accelerate the sectors growth. Valued at USD 21 billion in 2023, the Indian CRAMS market is projected to reach USD 35.1 billion by 2028, expanding at a CAGR of 10.8%, solidifying Indias position as a global hub for outsourced research and manufacturing services.
Indian speciality chemical industry
The Indian specialty chemicals sector is poised for rapid growth, supported by strong domestic demand and rising global opportunities. Accounting for ~20% of the countrys chemicals market, it plays a critical role across industries such as agrochemicals, pharmaceuticals, textiles, paints, and peonal care. Valued at USD 220 billion, the sector is projected to grow at ~9% CAGR to reach USD 300 billion by FY 2025, with long-term potential of USD 1 trillion by FY 2040.
India ranks 6th globally in chemical production and 14th in exports. Specialty chemicals companies are witnessing record capex and robust revenue and earnings growth, driven by diveification of global supply chains away from China and rising domestic consumption. Stock valuations reflect this momentum.
Sustained growth will depend on agility, innovation, digitalization, and ESG commitments. Companies must strengthen R&D, enhance supply chain resilience, and reduce their carbon footprint. Government support through infrastructure development, feedstock availability, and a favorable policy framework will be key enable. With focused efforts on innovation, decarbonization, and workforce skilling, the Indian specialty chemicals industry is well-positioned to achieve transformative and sustainable growth.
Outlook
Looking ahead to 2025, Indias chemicals and petrochemicals sector is poised for robust and consistent growth, fueled by a surge in domestic needs, supportive government policies, and shifting global trade patterns. Were seeing a clear push to lessen our reliance on imports, with significant investments directed towards alternative feedstocks like coal gasification, syngas, and bio-based chemicals. The petrochemical segment, buoyed by a planned USD 100 billion investment by 2030, is actively expanding its production capacity to meet the rising demand. Moreover, the Indian chemical industry is making a determined and sustainable move towards decarbonization, actively investing in research and development, and embracing innovative technologies to enhance operational efficiency and boost profitability.
The demand for specialized chemicals is particularly strong, driven by rapid urbanization, increased disposable incomes, and the growing applications of these chemicals in paints, peonal care products, and electronics. Indias relatively low per-capita chemical consumption reveals substantial room for market expansion. With stricter environmental regulations in China and ongoing trade tensions between the US and China, global companies are actively diveifying their supply chains. India is increasingly seen as a favored alternative for specialty chemical exports, solidifying its position in the global market. Furthermore, as environmental regulations tighten and ESG commitments
become more prominent, Indian companies are prioritizing sustainable production methods, circular economy models, and bio-based chemicals to align with global sustainability standards. Government initiatives, such as the Production- Linked Incentive (PLI) scheme and investments in petrochemical parks, are strengthening our manufacturing capabilities, driving both domestic production and export competitiveness.
In essence, the Indian chemicals and petrochemicals industry is set to sustain its impressive growth trajectory in the coming yea, capitalizing on domestic market demands and global market shifts, all while championing sustainability and striving for self-reliance.
Indian real estate industry
Indias real estate sector, spanning housing, retail, hospitality, and commercial spaces, is a key pillar of the economy and the second-largest employment generator after agriculture. Closely linked to corporate growth and urbanization, the sectors market size is projected to grow from USD 332.85 billion in 2025 to USD 985.80 billion by 2030 (CAGR 24.25%).
In 2024, the industry demonstrated strong momentum, with a 17% YoY rise in residential sales—driven by demand for luxury housing in metros like Mumbai, Bengaluru, and Pune. Property prices in these cities increased by 4-9%. Investment activity also surged, with real estate investments reaching a record USD 11.4 billion in 2024, up 54% YoY, undecoring growing investor confidence.
Outlook
The Indian real estate sector is set to consolidate its gains in 2025, with strong investor confidence continuing to fuel growth. While residential and office markets may stabilize, industrial and warehousing segments are poised for robust expansion, driven by manufacturing and logistics. Alternative asset classes, such as data cente, co-living, and senior housing—are expected to gain momentum amid shifting demographics. Rapid urbanization, key infrastructure projects, and industrial corrido will open new opportunities, especially in Tier-II and Tier-III cities. Technology integration and sustainability will further redefine the sectors role in Indias economic growth.
Indian rubber industry
India stands as a significant player in the global rubber landscape - ranked as the third-largest producer and fourth- largest consumer of natural rubber, and the fifth-largest when natural and synthetic rubber consumption is combined. The Indian rubber industry is expansive, comprising nearly 6,000 units, which include around 30 large-scale, 300 medium- scale, and approximately 5,600 small and micro enterprises. Collectively, these enterprises manufacture over 35,000 rubber products and provide employment to around 4 lakh individuals, including more than 22,000 technically skilled professionals. With an impressive annual turnover of 20,000 crore and contributing 4,000 crore to the national exchequer through taxes and levies, the industry forms a vital pillar of Indias economic framework.
The sector is broadly divided into tyre and non-tyre segments. The tyre segment, in particular, produces a wide range of products - from conventional tyres to advanced radial types— and exports to major global markets, including the USA, Turkey, Mexico, Germany, Brazil, and Bangladesh, highlighting Indias growing influence in the international rubber value chain.
India boasts a robust and mature rubber industry, built on a strong foundation of natural rubber (NR) production and supported by a rapidly expanding manufacturing and consumption base. Over the yea, rubber has witnessed steady growth, thanks to its wide-ranging applications across both tyre and non-tyre segments. Recognized globally as a vital natural resource, rubber continues to gain momentum, driven by increasing demand from key industries such as automotive, construction, healthcare, and consumer goods - where its resilience and veatility are indispensable. Indias NR production has grown 8.6% from 7.89 lakh tonne in the financial year FY22 to 8.57 lakh tonne in FY24 with the industry estimating it will hit 8.82 lakh tonne in FY2510.
In terms of pricing, the NR prices peaked at 247 per kg on August 9, 2024, before declining by 19% to 200 per kg for FY25. In terms of market value, the Indian rubber industry garnered a revenue of USD 3,367.2 million in 2024 and is expected to reach USD 4,688.9 million by 2030 after growing by at a CAGR of 5.7% from 2025 to 203011.
Outlook
The Indian rubber industry is entering a phase of renewed momentum, supported by increasing industrial activity, urbanisation, and strong demand from secto like automotive and healthcare. The governments enhanced focus on the sector - evident in the 23% increase in budget allocation for the Sustainable Development of the Natural Rubber Industry scheme and the launch of training and infrastructure initiatives in the Northeast - is a timely and strategic intervention.
The establishment of NIRT centres and the INROAD project to expand rubber cultivation beyond Kerala are critical steps towards regional development and self-reliance. While the industry must navigate challenges such as input price volatility and environmental considerations, the overall outlook remains positive, driven by policy support and expanding market potential.
Company overview
For over thirty yea, 20 Microns Limited has been a driving force in Indias industrial minerals and specialty chemical manufacturing. Weve grown rapidly, building a reputation for quality and innovation. Our deep industry knowledge allows us to craft a broad spectrum of micronized minerals, white minerals, and specialty chemicals, serving both Indian and global markets.
Our specialized products are essential across divee industries, from paints and plastics to textiles and sealants. Were uniquely positioned with [seven] mines, [nine] advanced manufacturing plants, and [two] dedicated research and development cente. This robust infrastructure ensures consistent product quality, enabling us to export to Asia, Europe, and the United States, alongside our strong domestic presence.
Weve consistently led the way in innovation, pioneering new products and processes. Our portfolio features key products like Engineered Kaolin, and various forms of Calcium Carbonate, among othe. What truly sets us apart is our expanding range of high-value specialty chemicals, which enhances our competitive edge. Our product range is divee, encompassing industrial minerals, specialty chemicals, and mineral-based fertilize and construction chemicals. Notably, our construction chemicals division has seen remarkable growth. Were now recognized as one of Indias fastest-growing companies in this sector, offering
a reliable and ever-expanding line of innovative solutions that protect and strengthen the core elements of construction.
Looking forward, 20 Microns Limited is strategically focusing on specialty chemicals and value-added products, investing in capabilities that will solidify our position in these high-growth areas. Our commitment is to maintain financial stability while improving profitability. With our proven track record of innovation and product development, we are poised to strengthen our presence in specialty chemicals, value-added products, and mineral-based fertilize. Our divee and increasingly high- value portfolio is the cornetone of our competitive advantage.
Manufacturing and operational capacity
The company excels in manufacturing high-quality industrial minerals and specialty chemicals across nine integrated production sites located across different states. These facilities are strategically designed to cater to a divee range of requirements and industries.
With a history of over thirty yea, the Company specializes in various industrial minerals and speciality chemicals such as ball clays, barytes, bentonite, bleaching earth, calcined kaolin, calcium carbonate, diatomaceous earth, dolomite, wax and wax additives, and titanium dioxide, among othe. This broad expertise within the organization enables forms the cornetone of our offerings and enables us to deliver exceptional quality and cater to divee industry needs.
Business segment review
Segment
Paints and Coatings
The paints and coatings segment remains one of our key focus areas and continues to play a vital role in driving our overall revenue. As a trusted supplier of industrial minerals in a wide range of particle sizes, from coae to fine and ultra-fine, 20ML has established a strong and credible presence in the industry. Today, the Company takes pride in emerging a Level 1 supplier of micronized minerals to some of the most respected names in the paints and coatings sector. During the year, we also expanded our product portfolio with the introduction of new offerings, further reinforcing our commitment to innovation and deepening our footprint in this important segment.
Core products
Engineered Kaolin • Calcium Carbonate • Talc • Mica • Silica • Opacifie • Matting Agent • Rheological Modifie • Coloured Quartz • Wax Emulsions
Industries served
Paint • Ink • Pigments Segment II
Polyme Paper & Rubber
As the second-largest contributor after the paint and coatings segment, the polymer, paper & rubber business continues to play a pivotal role in shaping the Companys overall revenue profile. In FY25, the Company strengthened its position in the
Indian market, building on a well-calibrated growth strategy. This momentum was driven by the launch of innovative, value- added products, strategic expansion into new territories, and a growing portfolio of OEM clients, all of which helped reinforce its competitive edge and market presence.
Core products
Calcium Carbonates • Talc • Silica • Dessicants • Flame Retardants • White Pigment Opacifie • Mica • Wax & Wax Additives • Engineered Kaolins
Industries served
Polyme • Rubber • Cosmetics • Paper
Segment III
Allied Division
The division stands as 20 Microns Limiteds third-largest revenue contributor, serving divee array of industries. Our core strategy cente on consistently introducing innovative products that empower our custome to elevate their quality and competitiveness. At the same time, we strive to offer strong, cost-effective alternatives to global mineral supplie.
This division prioritizes the creation of advanced solutions for the ceramics and refractory secto, leveraging our specialized ceramics application center. The successful completion of commercial trials for our specialized mineral products, designed for divee ceramic sub-applications, undecores our commitment to innovation. Recently, we launched a new product range that has been met with encouraging responses from our custome. Our specialized blending facilities, designed to accommodate multiple grades, position us for significant sales volume growth in the coming period.
Core products
Calcium Carbonates • Talcs • Barytes • Hydrous Kaolins • Ball Clays • Silica • Organoclays • Rheological Thickene
Key application industry
Ceramics • Agrochemicals • Oil & Gas • Construction Chemicals • Adhesives & Sealants
Segment IV
Construction Chemicals
One of our fastest-growing subsidiaries, the construction chemicals division, has been charting a strong growth trajectory in recent yea. Today, we take pride in being recognized as one of Indias new-age, innovation-driven playe in this dynamic sector, with a steadily expanding and robust product portfolio.
At the heart of our strategy is a commitment to consistently launching new, solution-oriented products, positioning us not just as manufacture, but as trusted solution provider for the construction industry. In a highly competitive market, our edge lies in the superior quality, reliability, and practical relevance of our offerings.
From concrete and mortar to plaster and other critical building materials, our advanced chemical solutions help strengthen and preserve the structural integrity of construction foundations. Around the clock, were here to support every construction challenge, delivering expertise when its needed most.
Key function of construction chemicals
Construction chemicals are specialised compounds that play a vital role in enhancing the strength, durability, and overall performance of building structures. They are widely used across both new and existing construction sites to improve efficiency and accelerate project timelines. When integrated with traditional building materials, these chemicals not only boost structural integrity but also improve workability, extend longevity, and offer added protection against environmental wear and tear—ultimately contributing to safer, stronger, and more resilient infrastructure
Core products
Nanosil • Tigeil • Cracksil • Micronsil 30 C • Micronsil 30 C Plus • Metakrete • Rumido • Rainbowsil • Fixix • Plugsil • Roadsil • Micronballs
Key application industry
Real estate • Housing industry
Segment V
MINFERT
MINFERT is one of our fastest-growing business segments and a trailblazer in sustainable agriculture. Specializing in the development of bio-stimulants and bio-pesticides, MINFERT is committed to empowering farme with eco-friendly, mineral-
based solutions that promote healthier crops, improve yields, and protect the environment.
Our range of high-quality organic products has been well- received by the farming community, reflecting their growing trust in our offerings. Backed by a cutting-edge research center and deep technical expertise spanning agriculture, life sciences, and chemistry, we continue to innovate for the future of farming. From mineral-based fertilize and insecticides to advanced soil conditione, MINFERT provides farme with the tools they need to cultivate more sustainably and successfully
Key USP of our MINFERT products
Driven by our belief in the power of organic farming to cultivate a healthier and more balanced ecosystem, our team of specialists is passionately developing a new generation of agricultural solutions—bio-stimulants, bio-pesticides, and plant growth enhance. These nature-inspired innovations support plant health and crop protection by tapping into the innate potential of botanicals and minerals, offering a cleaner, more sustainable alternative to conventional chemical inputs. By moving away from harmful synthetics, we aim to enrich soil fertility, protect biodiveity, and champion a future of resilient, eco-friendly agriculture.
Core products
BLK • BLK Liquid • GBR • GBR Liquid • Geo Care • Humicrons
• Mingert Reskue • Thrips Kranti • Tiger Booster • Thalaivaa • Nipho • Starkin • Stilk • Tigao • Yaki • SL 90 • Corrhiza • Potlum
• Sio Soli
Key application industry
Agriculture
Financial review
Revenue achieved during FY2025 was 804.09 crores, as against 680.55 crores in the previous year, registering 18.15% year-on- year growth. Profit before tax (PBT) was recorded at 75.73 crores against 69.74 crores during the previous year. Profit after tax (PAT) for the year stood at 56.36 crores against 50.15 crores in the previous year.
Revenue contribution from the domestic market stood at 88% while 12% came in from exports. The Company witnessed robust demand from key end-user industries. Steady demand in key export geographies resulted in higher export revenues. Domestic Revenues for FY25 stood at 710.89 crores, compared to 589.52 crores in FY24. Revenue contribution from exports stood at 93.20 crores, compared to 91.03 crores in the previous financial year. The Company was swift to target key export geographies that were on the path of quick post-pandemic recovery. Steady revival in economic activity, combined with cost excellence initiatives undertaken by the Company, helped increase market share in the domestic markets.
Total borrowings of 20ML as of March 31,2025 stood at 118.67 crores vis-a-vis 96.04 crores as on March 31, 2024. The reduction in borrowings was largely because of the regular repayment of long-term secured loans
Financial performance summary
| FY24 | FY25 | % Change | |
Revenue |
680.99 | 804.09 | 18.15% |
EBIDTA |
85.72 | 97.36 | 13.58% |
Depreciation |
11.59 | 15.07 | 30.03% |
EBIT |
74.13 | 82.29 | 11.01% |
Finance cost |
12.92 | 15.73 | 21.75% |
Profit before Tax (PBT) |
68.19 | 73.70 | 8.08% |
Profit after Tax (PAT) |
50.15 | 56.36 | 12.38 |
Summary of Balance Sheet
| FY24 | FY25 | |
Equity and liabilities |
||
Equity share capital |
1764 | 17.64 |
Other equity |
305.63 | 363.49 |
Non-current liabilities |
40.58 | 52.00 |
Current liabilities |
160.87 | 177.43 |
Total |
524.73 | 610.56 |
Assets |
||
Non-current assets |
54.26 | 82.69 |
Fixed assets |
203.36 | 223.01 |
Current assets |
267.11 | 304.86 |
Total |
524.73 | 610.56 |
Key ratios
| FY24 | FY25 | |
EBITDA Margin |
12.75% | 12.11% |
EBIT Margin |
10.89% | 10.23% |
Profit Before Tax Margin |
10.01% | 9.17% |
Profit After Tax Margin |
7.46% | 701% |
Inventory turnover |
8.46 | 7.79 |
Current ratio |
1.67 | 1.72 |
Debt-to-equity ratio |
0.30 | 0.31 |
Return on Equity (RoE) |
16.92% | 16.00% |
Return of Capital Employed (RoCE) |
18.15% | 17.28% |
Strategic risk management framework
A thorough risk-management framework allows us to pre-emptively monitor risks emanating from the internal and external environment. As a result, we have been able to consistently create value for all our stakeholde, despite industry cycles and economic headwinds.
Our risk management process
Our risk mitigation plan
The Board takes the following steps as a part of its risk management and mitigation plan:
• Defines the roles and responsibilities of the Risk Management Committee
• Participates in major decisions affecting the organisations risk profile
• Integrates risk-management reporting with the Boards overall reporting framework
The Company functions under a well-defined organization structure. Here are a few risks categorized by their severity.
Risks and concerns
Regulatory and legal risks
Key risks: Changing regulations, environmental compliance, mining permissions, and land acquisition
Potential impact: Medium to High
Explanation: Indias mining industry operates within a dynamic and tightly regulated framework, shaped by laws such as the Mines and Minerals (Development and Regulation) Act (MMDR) and the Environmental Protection Act. Frequent policy changes and increasingly stringent environmental norms, covering air, water, and soil quality, pose operational challenges for the sector. Delays in securing mining permits and environmental clearances can significantly disrupt mining activities, which
in turn affects the steady flow of raw materials and ultimately impacts production efficiency and timelines.
Mitigation strategy: At 20 Microns, we are committed to upholding regulatory compliance, fostering transparency in our reporting, and actively engaging with local stakeholde. We believe that staying informed and responsive to evolving regulatory and environmental landscapes enables us to better anticipate and mitigate potential risks.
Supply chain risks
Key risks: Supply chain disruptions, caused by natural disaste, geopolitical tensions, or logistical challenges, can significantly impact the extraction and delivery of minerals, both within the country and across international markets.
Potential impact: Medium to High
Explanation: The industrial minerals supply chain is inherently sensitive to a range of disruptions that can affect its stability and efficiency. Inadequate infrastructure, such as underdeveloped road networks, combined with natural calamities like floods and earthquakes, geopolitical tensions, port congestion, and seasonal truck shortages, often interrupt the smooth flow of operations. Labour unrest and strikes can further add to the unpredictability. Mining activities in remote or hard-to- reach regions face additional logistical hurdles, resulting in transportation delays and rising costs. On the import front, the situation becomes even more challenging during periods of high
freight rates, with issues such as limited shipping line availability and container shortages compounding the problem and driving up overall costs.
Mitigation strategy: At 20 Microns, we proactively undertook some key steps such as undertaking bulk shipments, diveifying transport routes, and working with multiple logistics partne. It helped us significantly reduce the risk of supply chain disruptions and ensure smoother, more reliable operations.
Price fluctuation risk
Key risks: Price volatility driven by global supply-demand imbalances, currency exchange fluctuations, and evolving trade barrie continues to pose challenges across markets.
Potential impact: Medium to High
Explanation: Industrial minerals are globally traded commodities, and their prices often experience volatility influenced by supply-demand dynamics and logistical facto. Shifts in demand from key consuming industries, changes in international trade policies, and fluctuations in the Indian Rupee (INR) against major global currencies can all contribute to significant price movements.
Mitigation strategy: At 20 Microns, we proactively manage price volatility through a multi-pronged approach. This includes deploying effective hedging strategies, maintaining flexibility in production costs, building strategic raw material inventories, planning sourcing well in advance, and diveifying our product portfolio to reduce dependency on any single input or market segment.
Environmental and sustainability risks
Key risks: Mining operations, if not managed responsibly, can lead to significant environmental impacts such as habitat loss, water pollution, and air quality deterioration.
Potential impact: High
Explanation: Mining operations, particularly in ecologically sensitive areas, carry inherent environmental risks, including land degradation, deforestation, and contamination of water bodies. As awareness around environmental sustainability grows, so does public and regulatory scrutiny. This heightened focus can lead to stricter compliance requirements, increased operational costs, and potential reputational risks in the event of environmental violations.
Mitigation strategy: At 20 Microns, we are committed to adopting sustainable mining practices, minimizing environmental impact, leveraging advanced technologies for waste reduction, and investing in land reclamation and restoration initiatives are essential steps in effectively managing environmental risks and ensuring long-term ecological balance.
Social and community risks
Key risks: Community opposition, land disputes, and social unrest from affected local populations.
Potential impact: Medium to High
Explanation: In India, many mining and production activities are situated in rural regions, often inhabited by indigenous and local communities. These operations can sometimes disrupt traditional livelihoods, leading to community resistance, legal challenges, and project delays. Additionally, labour disputes can pose long-term operational risks, potentially resulting in increased costs and disruptions to production timelines.
Mitigation strategy: At 20 Microns, we proactively engage with local communities by respecting land rights, ensuring fair and transparent compensation, and investing in meaningful community development initiatives. These efforts play a vital role in building trust and mitigating social risks associated with our operations.
Geopolitical and political risks
Key risks: Political instability, regional conflicts, and sudden policy shifts can pose significant risks to mineral extraction and disrupt both domestic and international production operations.
Potential impact: Medium
Explanation: Political risks, whether within India or globally, can arise from changes in local governments, shifts in regulatory or industry-specific policies, or disputes between states over resource distribution. On the geopolitical front, tensions with neighbouring countries also pose potential challenges, adding another layer of complexity to the overall risk landscape.
Mitigation strategy: At 20 Microns, we actively mitigate political and geopolitical risks by fostering strong relationships with government agencies, staying attuned to policy and political developments, and strategically diveifying our operations across regions to minimise potential disruptions.
Labor and workforce risks
Key risks: Workforce shortages, strikes, or inadequate skills / skill gaps may hamper our production and impact our delivery timelines
Potential impact: Medium
Explanation: A shortage of skilled labour and instances of labour unrest—such as strikes or protests—can disrupt operations and hinder productivity. Furthermore, gaps in safety training and workforce management may lead to workplace accidents, injuries, or legal challenges, all of which can adveely affect operational continuity and overall efficiency.
Mitigation strategy: At 20 Microns, we take proactive measures to engage with our workforce and foster a safe, inclusive, and productive work environment. By investing in skill development, enhancing workplace safety standards, and maintaining open, constructive dialogue with employees, we aim to minimise labour-related risks and ensure operational continuity.
Technology risk
Key risks: The risk of manufacturing technology becoming obsolete, or delays in adopting advanced technologies, can hinder operational efficiency, increase costs, and impact competitiveness in a rapidly evolving industry landscape.
Potential impact: Medium
Explanation: Manufacturing operations today are increasingly reliant on advanced technologies for automation, data management, and resource optimization. A failure to embrace modern innovations, such as automation, data analytics, and environmentally sustainable technologies, can result in operational inefficiencies, increased costs, and a loss of competitive edge in an evolving industrial landscape.
Mitigation strategy: At 20 Microns, we stay abreast of emerging technological trends, invest consistently in research and development, and embrace automation to enhance efficiency. These efforts enable us to mitigate the risks of technological obsolescence and maintain our competitive edge in the industry.
Health and safety risks
Key risks: Accidents, health hazards, and safety concerns may dent the reputation of the Company and result in labour shortage
Potential impact: Medium
Explanation: Operational risks such as equipment failure, explosions, or dust-related health issues—including conditions like silicosis, pose serious threats to workplace safety. Without stringent safety protocols, such incidents can lead to injuries, fatalities, legal liabilities, project disruptions, and reputational harm.
Mitigation strategy: At 20 Microns, we prioritise workplace safety through regular safety audits, comprehensive employee training, and the adoption of advanced technologies for realtime safety monitoring. We also ensure access to health benefits for our workforce. By maintaining rigorous adherence to safety protocols, we are committed to protecting our people and ensuring uninterrupted operations.
Revenue concentration risk
Key risks: The risk of manufacturing technology becoming obsolete, or delays in adopting advanced technologies, can hinder operational efficiency, increase costs, and impact competitiveness in a rapidly evolving industry landscape.
Potential impact: Low to medium
Explanation: If a significant portion of our revenue is concentrated within a limited set of industries or if our top ten custome account for nearly half of our total turnover, it exposes the business to heightened revenue risk. Such dependency makes us more vulnerable to industry-specific downturns, changes in customer preferences, demand fluctuations, or challenges in customer financial health. This concentration can adveely impact revenue stability and overall business resilience.
Mitigation strategy: To mitigate this risk, at 20 Microns, we focus on expanding our customer base across divee industries to reduce reliance on a limited number of secto. Additionally, we invest in developing new products tailored to the unique needs of various industries, helping us attract and serve a broader and more resilient clientele.
Competition risk
Key risks: Increased competition, low barrier to entry, material substitution & globalization
Potential impact: Medium
Explanation: Growing competition from both established industry leade and new entrants poses challenges such as pricing pressures, potential loss of market share, and shrinking profit margins. The emergence of alternative materials or substitutes could further reduce demand for certain mineral products. Additionally, the entry or expansion of large international playe into the companys core markets may weaken its local advantages. Without a strong brand identity or a compelling value proposition, building and maintaining customer loyalty becomes difficult. Moreover, when experienced employees leave to start their own ventures, it not only threatens the companys market position but also highlights the need to nurture and retain talent.
Mitigation strategy: To effectively mitigate these risks, at 20 Microns, we have made strategic investments in research and development to drive innovation and stay ahead of evolving market trends. We are also focused on crafting a strong, distinctive brand narrative that clearly sets our offerings apart. Additionally, we actively monitor competitor strategies through robust market intelligence to stay informed and responsive in a dynamic industry landscape.
Export risk
Key risks: Order rejections, sanctions, currency fluctuations, and supply chain disruptions
Potential impact: Low to Medium
Explanation: Export operations are exposed to external risks such as sanctions, tariffs, trade restrictions, and political instability in key markets. Currency fluctuations may lead to revenue volatility, while supply chain disruptions, shipping delays, and rising logistics costs can impact customer satisfaction and margins.
Regulatory variations across countries add to compliance complexity and cost. Overdependence on a few export markets increases vulnerability to demand fluctuations. Additional challenges include managing rejected shipments and delays in filing ECGC claims for overdue receivables.
Mitigation strategy: We are diveifying our export footprint to reduce overdependence on specific regions, strengthening logistics and compliance systems, and employing hedging strategies to manage currency risk. Further, we undertake rigorous due diligence is conducted on prospective custome before initiating business relationships. Additionally, we are strengthening partnehips with local distributo and adviso to enhance market intelligence, reduce risk, and ensure smoother operations.
IT & cybeecurity risk
Key risks: Sensitive information leaks, security threats, cyberattacks, outages, and weak IT infrastructure
Potential impact: Low to Medium
Explanation: Unauthorized access to sensitive data can lead to reputational damage, legal exposure, and financial loss. Cyberattacks, including ransomware, may disrupt operations and impact business continuity. Prolonged IT outages can halt production, delay deliveries, and reduce revenue. Insider threats and weak third-party cybeecurity practices further heighten risk. Additionally, outdated IT infrastructure can drive inefficiencies, inflate maintenance costs, and limit adoption of emerging technologies like IoT and AI—affecting overall agility and competitiveness.
Mitigation strategy: Ensure that all software systems are regularly updated, and conduct routine security audits and data backups to safeguard against vulnerabilities. Empower employees with ongoing training in cybeecurity best practices, making them the fit line of defense. Put in place a well-defined incident response strategy and comprehensive disaster recovery protocols to ensure business continuity in the face of any cyber threat or unforeseen disruption.
Information Technology
Your Company recognizes the critical role of a robust IT infrastructure, both in scale and technology, as the cornetone of stable IT systems and superior support. Boasting state- of-the-art IT systems, it possesses a comprehensive IT framework essential for managing service administration and delivery. The Companys IT setup is instrumental in generating a variety of business intelligence reports for production management, electronic procurement, paperless transactions, budgeting, forecasting, and cash flow analysis, supporting 20ML. It adheres to international benchmarks in information automation, performance metrics, remote working capabilities, and managerial excellence. The technical team is tasked with system programming and providing user support for technological advancements.
Internal control system and adequacy
20 Microns attaches immense importance to maintaining a robust internal control framework that aligns with its size, scale, and complexity. The Internal Auditor conducts thorough audits of functional areas and operations to ensure compliance with policies, procedures, and statutory regulations. Significant audit observations and follow-up actions are reported on a quarterly basis to the Audit Committee for review. Consequently, the Audit Committee evaluates the adequacy and effectiveness of the internal control framework and oveees the implementation of audit recommendations. Diligently implementing all recommendations of the Audit Committee is prioritised in 20 Microns, that in turn reinforces its internal control system. The Board of Directo are entrusted with the responsibility of ensuring the implementation of robust systems and frameworks of internal financial controls within the Company. These controls aim to provide reasonable assurance regarding the adequacy and operating effectiveness of 20 Microns in the areas of operational and compliance risks.
Human resource
20 Microns attributes its success to its resolute and resilient employees, who have been instrumental in propelling the Company to new heights. Recognising the crucial role of its workforce, 20 Microns has continuously enhanced its HR- related processes, practices, and systems to further align with its organisational objectives. Through on-the-job training, workshops and external training programmes, the Company ensures that its employees receive adequate opportunities for professional growth and development.
The ability to attract and retain top-notch talent has been a key driver in furthering 20 Microns business goals. The Company foste cordial industrial relations, with employees enjoying the strong support of the senior management in ensuring their safety and well-being. This commitment to nurturing a skilled and motivated workforce has been a cornetone of 20 Microns success, enabling the Company to capitalise on emerging opportunities while navigating industry challenges effectively.
20 Microns surpasses the customary boundaries of human resource management. This extends beyond mere compensation, performance appraisals, and professional development. The Company embraces a comprehensive approach, encompassing the entirety of its employees professional journeys, providing them with timely guidance to cultivate fruitful and enduring caree. 20 Microns workforce comprises seasoned professionals with profound industry knowledge. The Company takes immense pride in their invaluable contribution to its remarkable success.
Health and safety measures
The well-being of our staff is of paramount importance. Leadehip in our factories spearheads our commitment to health, safety, and environmental (HSE) standards, conducting frequent audits to bolster our workforces health and safety. With their guidance, weve implemented numerous initiatives to enhance our peonnels safety. Additionally, we have formed teams dedicated to quickly identifying and addressing safety issues at each manufacturing location. Our Company enforces a comprehensive set of health and safety guidelines that all employees across every site must rigorously follow.
In light of the pandemic, we intensified our focus on these protocols. Beyond adhering to governmental regulations, weve instituted regular sanitization processes and enforced proper social distancing measures. Proactive steps, including routine employee health checks and controlled access via oximeter and thermal screenings, were promptly put in place. Moreover, we initiated wellness programs for our employees and their families, aimed at fostering resilience, adapting to change, and improving overall well-being during these trying times.
Cautionary statement
The statements in the Management Discussion and Analysis section describing organisational objectives, projections, estimates, and prediction may be considered as forwardlooking statements. All statements that address expectations or projections about the future, including, but not limited to, statements about the Companys strategy for growth, product development, market positioning, expenditures and financial results, are based on certain assumptions and expectations of future events. The Company cannot guarantee that these assumptions and expectations are accurate or will be realised. The Companys actual results, performance or achievement may thus, differ materially from those projected in such forward looking- statements. The Company assumes no responsibility to publicly amend, modify or revise any forward-looking statement on the basis of any subsequent developments, information or events. To avoid duplication and repetition, certain heads of information required to be disclosed in the Management Discussion and Analysis have been included in the Boards Report.
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