The assumption that consciousness is just an emergent property of certain chemical reactions is what needs to be further investigated.
If you wish to make a claim that consciousness isn't an emergent property of a high complex set of chemical reactions then the onus is on you to provide the evidence for this. Currently there seems to be no evidence that consciousness can exist outside of or beyond the context of those complex chemical reactions, so it becomes a reasonable assumption that it is an emergent property of those reactions.
Life itself needs to be further investigated outside our current assumptions about it. We have hardly scratched the surface.
Why do think there are thousands of biologists and life scientists around the globe working tirelessly on research projects aimed at exactly that - understanding more about life processes. And over the past decades we have made enormous strides forward in our understanding, but you are correct we have only scratched the surface - but to go further requires more and better biological research and life science research. What we don't need to people to try to fill the gaps, in a 'god of the gaps' manner, with incoherent and unevidenced woo.
You like the word 'assumptions' don't you Sriram. Well when our 'assumptions' are actually the evidence-base the that seems entirely appropriate. When people start making assumptions that have no evidence to back them up, e.g. consciousness exists outside of chemical processes, then we are in trouble. But I think we know which one of us bases their assumptions on evidence and which one assumes stuff without evidence.