India can capture China and Singapore's share in chemical exports to US, add 0.3% to GDP: SBI Report
The report noted that by capturing a part of the market share currently held by China and Singapore, India can increase its share in chemical exports to US.
The report highlighted that if India is able to capture just 2 per cent of the chemical export share from these two countries, it can potentially add 0.2 per cent to its Gross Domestic Product (GDP).
SBI stated "India can capture China and Singapore's share in chemical exports to US".
The report pointed out that among the top five imports by the USA, India has a revealed comparative advantage (RCA) only in the chemicals sector.
However, its share in this category remains lower compared to other Asian countries like China and Singapore. At present, China and Singapore have a larger share of chemical exports to the US than India.
With China now facing higher tariffs on exports to the US, the report notes that this could open a window of opportunity for India to step in and increase its exports in chemicals, including pharmaceutical products.
The report further stated that if India is able to bring down the applicable tariff on its chemical exports to below 25 per cent, the level currently applicable to Singapore, it can become more competitive and seize some of the existing market share held by Singapore and China.
Additionally, the SBI report noted that India can also gain from other countries such as Japan, Malaysia, and South Korea, which now face higher tariffs than India.
If India captures even a 1 per cent share of the US chemical import market from these three countries, it could result in an additional 0.1 per cent increase in India's GDP.
In total, the report suggested that India has the potential to add 0.3 per cent to its GDP if it strategically captures a 2 per cent share from China and Singapore and 1 per cent from Japan, Malaysia, and South Korea in the US chemicals import market.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Times of Oman
11 hours ago
- Times of Oman
DGCA asks airlines to conduct fuel switch inspections on Boeing aircraft by July 21
New Delhi: India's civil aviation regulator, Directorate General of Civil Aviation (DGCA) on Monday issued an urgent directive mandating Indian operators of specific Boeing aircraft models to conduct inspections of the engine fuel control switch locking mechanisms by July 21. The move comes days after report of preliminary investigation into the crash of Air India flight AI 171 in Ahmedabad in which killed 260 people. The directive enforces compliance with the Federal Aviation Administration's (FAA)'s Special Airworthiness Information Bulletin (SAIB) NM-18-33, issued in December 2018, which warned of the potential disengagement of the fuel control switch locking feature in operators of Model 737 airplanes Boeing aircraft, as mentioned in AI 171 preliminary report. The fuel control switch design, including the locking feature, is similar on various Boeing airplane models including part number 4TL837-3D which is fitted in B787-8 aircraft VT-ANB, the preliminary report added. The fuel control switch design--including the locking feature--is shared across several Boeing aircraft families, including the 737, 747, 757, 767, 777, and 787, the report said. AAIB's findings reignited concern over why many airlines had delayed or skipped the inspections, even after the issue had been flagged internationally. The order mandates all affected operators to complete inspections in line with the FAA's SAIB NM-18-33 and submit their inspection plans and final compliance reports to both the DGCA and relevant regional offices. The DGCA noted in its directive that several international and domestic operators had voluntarily begun compliance following the FAA bulletin. The order explicitly refers to India's Civil Aviation Requirement (CAR) M-M.A. 301, which obligates operators to comply with safety directives from aircraft manufacturers or regulators of the aircraft's state of design, in this case, the U.S. FAA. "Strict adherence is essential for continued airworthiness and safety of operations," the DGCA stated. India's Aircraft Accident Investigation Bureau (AAIB) released the preliminary report into the tragic crash of Air India flight AI171, a Boeing 787-8 aircraft, which crashed shortly after takeoff from Ahmedabad's Sardar Vallabhbhai Patel International Airport on June 12. The crash killed 260 people, including 229 passengers, 12 crew members, and 19 people on the ground. Flight data recovered from the aircraft's Enhanced Airborne Flight Recorder (EAFR) revealed that the fuel cutoff switches for both engines were inadvertently moved from RUN to CUTOFF, one after another within a 1-second interval, at an altitude just moments after liftoff. One pilot was heard asking the other, "Why did you cut off?" to which the response was, "I did not." This uncommanded shutdown triggered the deployment of the Ram Air Turbine (RAT), and the aircraft began losing altitude almost immediately, unable to sustain powered flight. According to the AAIB, the pilots re-engaged the fuel switches in an attempt to relight both engines. Engine 1 showed signs of recovering thrust, but Engine 2 failed to stabilise. The aircraft, which had briefly reached a speed of 180 knots, was already descending and failed to regain altitude. The final distress call -- a "MAYDAY" -- was transmitted at 08:09 UTC, just seconds before the aircraft crashed into residential buildings outside the airport perimeter.
Times of Oman
14 hours ago
- Times of Oman
Total oil exports of Oman exceeds 126 million barrels till May 2025
Muscat: The Sultanate of Oman's total oil exports declined by 2.3% by the end of May 2025, reaching 126,056.900 barrels, compared to 128,991.500 barrels during the same period in 2024, according to preliminary data issued by the National Centre for Statistics and Information (NCSI) . The data showed that the average price of crude oil dropped by 6.9%, reaching $75.2 per barrel by the end of May 2025, down from $80.8 in the same period last year. Data also showed that average daily oil production decreased to 987,600 barrels per day by the end of May 2025, compared to 996,100 barrels per day during the same period in 2024. The total oil production of the Sultanate of Oman declined by 1.5%, reaching 149,133.700 barrels till the end of May 2025, compared to 151,401.200 barrels in the same period last year.
Times of Oman
15 hours ago
- Times of Oman
Tesla begins its journey in India with Model Y launch starting at Rs60 lakhs
Mumbai: Tesla has officially entered the world's third-largest automobile market, India, with the launch of its electric Midsize SUV, the Tesla Model Y, priced from nearly Rs60 lakhs. Currently, the Model Y will be the only model available in the country. It will be offered in two variants; Rear-Wheel Drive, priced at INR 60 lakhs, and Long Range Rear-Wheel Drive, priced at IRs68 lakhs. Customers can also opt for Tesla's Full Self-Driving (FSD) package, which adds an additional cost of Rs6 lakhs over the base prices. The Model Y will be available in six colour options, of which Stealth Grey is the only one offered at no additional charge. The other colours: Pearl White Multi-Coat, Diamond Black, Ultra Red, Quicksilver, and Glacier Blue, will come at an extra cost. Interior options include white and black themes, and the vehicle will feature a five-seat configuration. As of now, deliveries and registration are available only in Mumbai, Delhi, and Gurugram, as listed on Tesla's official portal. Pricing may vary depending on the state and applicable local taxes. Deliveries of the Tesla Model Y are expected to begin in the third quarter of 2025. Earlier today, Maharashtra Chief Minister Devendra Fadnavis inaugurated Tesla's first Experience Centre in India, located at Bandra Kurla Complex (BKC), Mumbai, marking a significant milestone for the company's entry into the Indian market. The minister said, "I welcome Tesla here in Mumbai. Tesla has opened an experience centre here, and it is a statement that Tesla has arrived and it's a statement they Tesla has arrived in the right city and right state." In April this year, Prime Minister Narendra Modi held a telephonic conversation with Elon Musk, discussing potential collaborations in technology and innovation. PM Modi had also met Musk earlier in February during his visit to the United States. With the opening of its first showroom in Mumbai, Tesla aims to test the Indian market and lay the groundwork for its premium electric vehicle offerings in one of the world's fastest-growing automotive sectors.
