| | APRIL 20238IN FOCUSANUPAM RASAYAN SIGNS LOI WORTH RS.1,500 CRORE WITH A JAPANESE MULTINATIONAL TO MANUFACTURE SPECIALITY CHEMICALSAnupam Rasayan India, a chemical manufacturer, announced on Thursday that it has signed a Letter of Intent (LoI) worth $182 million (Rs.1,500 crore) with a leading Japanese multinational to manufacture and supply three high-value specialty chemicals. This product will be produced in our current manufacturing facilities."We are pleased to announce that we have entered into collaboration with a leading Japanese multinational to add three new molecules to our portfolio", Anand Desai, Managing Director of Anupam Rasayan, stated, "These three molecules will be used as advanced intermediates for highly specialised polymers and liquid crystals". The company will be India's sole supplier of these molecules."This is in line with our strategy of expansion in Fluoropolymer and Electronic segments, manufacturing high value molecules and going up the value chain with support of our customers", Desai said.Desai went on to say that this letter of intent demonstrates global MNCs' growing confidence in our technical capabilities and sustainable supply chain, and it reaffirms our commitment to make in India. The company has six manufacturing facilities in Gujarat, four of which are located in Sachin, Surat, and one in Jhagadia, Bharuch, with an aggregate installed capacity of approximately 27,200 tonne as of December 31st, 2022. INDIA IS US'S LARGEST TRADE PARTNER IN 2022-2023Because of growing economic ties between the two countries, the United States has emerged as India's largest trading partner in 2022-23. According to preliminary data from the commerce ministry, bilateral trade between India and the United States increased by 7.65 percent to $128.55 billion in 2022-23, up from $119.5 billion in 2021-22. In 2020-21, it was $80.51 billion.Exports to the US increased by 2.81 percent to $78.31 billion in 2022-23, compared to $76.18 billion in 2021-22, while imports increased by about 16 percent to $ 50.24 billion, according to the data. In contrast, India's two-way trade with China fell by about 1.5 percent in 2022-23, to $113.83 billion from $115.42 billion in 2021-22. Experts believe that the trend of increasing bilateral trade with the United States will continue in the coming years, as New Delhi and Washington work to strengthen their economic ties.According to A Sakthivel, President of the Federation of Indian Export Organisations (FIEO), increasing exports of goods such as pharmaceuticals, engineering, and gems and jewellery are assisting India in pushing its shipments to America.Rakesh Mohan Joshi, Director of the Indian Institute of Plantation Management (IIPM), Bangalore, agreed that India offers significant trade opportunities for the United States because it is the world's third largest consumer market and the fastest growing market economy."Major exports from India to the United States include petroleum, polished diamonds, pharmaceutical products, jewellery, light oils and petroleum, frozen prawns, made ups and so on", Joshi explained. "Major imports from the United States include petroleum, rough diamonds, liquefied natural gas, gold, coal, waste and scrap, almonds and so on".One of the few countries with which India has a trade surplus is the United States. In 2022-23, India had a trade surplus with the United States of $28 billion.
< Page 7 | Page 9 >