New Delhi, July 4 -- NITI Aayog has unveiled a comprehensive strategy to strengthen India's chemical industry through fiscal and non-fiscal interventions, aiming to reduce import dependence and enhance participation in global value chains.

The recommendations were outlined in a report titled 'Chemical Industry: Powering India's Participation in Global Value Chains,' released on Thursday.

The think tank has proposed an operational expenditure support scheme that would incentivise incremental chemical production based on multiple criteria including import bills, export potential, dependence on single-source countries, and end-market relevance.

Under this framework, selected participants would receive financial support for a predetermined...