New Delhi [India], July 20 : Union Minister for Chemicals and Fertilizers JP Nadda on Saturday reiterated the crucial role of the petrochemicals and the chemical sector in achieving the vision of Prime Minister Narendra Modi of achieving a USD 5 trillion economy by 2025.
Addressing the launch of the 13th edition of the India Chem with the theme "Advantage Bharat: Indian Chemicals and Petrochemicals Paving the Future," here, the Union Minister announced that the government is prepared to make significant policy and programme interventions to overcome challenges faced by chemicals and petrochemicals industry and stimulate the sector's growth.
"As Prime Minister Modi desires that we have to become a USD 5 trillion economy, we have to align our programs and policies accordingly to see to it that the petrochemical industry, chemical industry also go in the same way and align itself so that we all together contribute to achieving that five trillion economy goal," Nadda stated.
The Government is committed to the growth of the industry and has initiated numerous structural reforms to support industrial development in general, and to strengthen the chemical sector in particular, Nadda said adding that that this sector is a top priority for the Government.
"As a minister, I can assure you that whatever interventions are needed in policies, in programs, whatever changes in the strategies are needed, the government is committed to it, and we will go forward," Nadda said.
The minister also highlighted areas requiring concerted efforts from all stakeholders.
"We need to focus on imports, R&D, and manpower training. These are a few areas requiring efforts from everyone," Nadda said calling for collaborative action to drive the sector's growth.
The Indian chemical industry, currently valued at USD 220 billion, is projected to reach USD 300 billion by 2025 and an impressive USD 1 trillion by 2040.
The sector, which contributes 5.9 per cent to India's Gross Domestic Product (GDP) accounts for 7 per cent of its overall exports. The sector has established India as a key global player, ranking sixth in the world and fourth in Asia in terms of chemical market size.
He added that the year 2024 is an important year as the 13th edition of IndiaChem is set to be held on October 17-19 in Mumbai. He also assured the industry representatives that the government will come up with policy interventions required to strengthen the sector and that the "the Ministry will initiate policy measures to achieve the outcomes that will come out of the deliberation that will take place in Mumbai."
Union Minister of State for Chemicals and Fertilisers, Anupriya Patel also addressed today's event. "This sector is very important, very vital for the overall economic growth of the country. It's like a backbone that supports many other industries like textiles, automobiles, agriculture," she said.
Patel highlighted the government's commitment to supporting the industry's growth. "The government of India recognises this sector as a key priority area. We have a clear focus on investment-friendly reforms and the removal of policy bottlenecks," the Minister said.
She said these efforts include enhancing the ease of doing business, reducing compliance burdens, rationalising tax structures, implementing FDI policy reforms and boosting domestic manufacturing.
Sustainability emerged as a key theme in the minister's address. She urged the industry to "embrace sustainable practices, adopt green chemistry principles, reduce carbon footprints, and enhance energy efficiency."
The Minister called for a concerted effort to adopt circular economy principles, including minimisation of use of hazardous chemicals, improved water management, and the exploration of biotechnological alternatives to traditional chemical synthesis methods.
Patel said "India is the second largest exporter of chemical dyes and dyestuff as well as agrochemicals in the world. It also contributes about 3 per cent of global chemical sales".
India Chem 2024, the flagship event of the Department, is one of the largest composite events of the industry in the Asia-Pacific comprising an International Exhibition and Conference.
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