Plans being finalized on more product certification
Indian chemical industry has the potential to contribute US$300 billion to the GDP by the year 2025 and play a huge role to help make India a US$5 trillion economy.
Addressing the Inaugural Session and launch of India Chem 2021 ‘at Specialty Chem 2020’ on 29 Sept 2020, Chemicals and Fertilizers Minister DV Sadananda Gowda said that to become a global hub in specialty chemicals, the industry must focus on the Research and Development.
“There is a need to make the R&D ecosystem stronger to come up with enhanced products aligned with the changing requirement of the industries,” he said.
Speaking on foreign investment in the chemical industry, he said that the ministry has set up an investment promotion cell in the department for providing one-stop handholding and support for companies willing to invest in India.
“We have had several rounds of discussions on how to make the Petroleum, Chemical and Petrochemical Investment Region (PCPIR) more effective and we hope to come up with policies to make the industrial clusters more attractive for investment,” said Gowda.
He further mentioned that India is finalizing plans to increase the number of chemicals to be covered by mandatory certification for the benefit of human lives and society.
Gowda urged the global chemical and petrochemical industry to join the India Chem 2021 to experience a plethora of opportunities available in India. “I welcome all the players in the sector to utilise the potential of India as a growing base for specialty chemical industry, he said.
British Trade Commissioner for South Asia and British Deputy High Commissioner for Western India Alan Gemmell sees the potential to strengthen the trade relationship between India and UK through specialty and organic chemicals.
The Chemicals and Pharmaceuticals industry is UK’s 2nd largest manufacturing, and the specialty chemicals segment plays a vital role in meeting the key challenges of today and the future globally.
With the disruptive global supply chain, India is the best and the only available choice for global partners, added Rajendra Gogri, Chairman & Managing Director, Aarti Industries.
India’s per capital chemical consumption is very low but increased urbanization will lead to a significant increase in domestic consumption of specialty chemicals in the next 10 years, he told the launch of India Chem 2021.
It would be organized 17-19 March 2021 on “India Chem 2021 – Towards a Self-reliant Chemicals and Petrochemicals industry”.
The event will be jointly organized by the Department of Chemicals and Petrochemicals and FICCI. The flagship event will give an opportunity for the global chemicals and petrochemicals industry to better understand the opportunities that exist in the Indian market, said a release at the launch. #petrochemicals #specialty #manufacturing #investment #exports #economy /fiinews.com
