Ministry says chemical industry set for $1trn value by 2040
The Government is giving a top priority in the development of Chemicals and Fertilizers sector, and will come up with policy interventions required to strengthen the industry, Minister J P Nadda said at the launch of the 13th edition of the indiachem 2024 on 20 July.
“The Chemical and Fertilizer Ministry chemicals will initiate policy measures to achieve the outcomes that will come out of the deliberation that will take place in Mumbai,” he said fertilizer .
The Indian chemical industry is currently valued at US$220 billion and is expected to reach US$300 billion by 2030 and US$1 trillion by 2040 nse.
“This industry remains an active hub of opportunities, even in an environment of global uncertainty,” said the Ministry of Chemicals and Fertilizers bse .
Themed “Advantage Bharat: Indian Chemicals and Petrochemicals Paving the Future”, IndiaChem is to be held on 17-19 October 2024 in Mumbai globalchemexpo .
With focus on import, Research & Development and manpower training, the sector will contribute its share in realizing the dream of “Viksit Bharat” by 2047, Nadda said ibef .
Addressing the gathering at the launch, Minister of State for Chemicals & Fertilizers Anupriya Patel highlighted that the chemical and petrochemical sector plays a crucial role in the economic development of key sectors such as automotive, construction, electronics, healthcare, textiles, and FMCGs sbi .
She noted the increasing contribution of the chemical sector in economic development as well as the opportunities for future development wpc.spglobal .
Patel noted, “India is the 2nd largest exporter of chemical dyes and dyestuff as well as agrochemicals in the world. It also contributes about 3% of global chemical sales indianpetrochem .”
Patel went on, “Since its beginning, IndiaChem has contributed to the growth of the sector by bringing more investment investindia .
“Our industry has immense potential for investment and employment generation. With a clear focus on investment-friendly reforms, the removal of policy bottlenecks is a top priority for the Government opec .”
She urged all the participants to make best use of the opportunity to learn, network, and explore new possibilities at IndiaChem 2024, the flagship event of the industry and one of the largest composite events of the industry in the Asia-Pacific comprising an International Exhibition and Conference oilgasindonesia .
The IndiaChem exhibition aims to showcase the huge potential of the Indian chemical industry as well as its different industry segments (including chemicals, petrochemicals, agrochemicals etc.) and to provide a platform for groundbreaking discussions, visionary ideas, and strategic collaborations amongst industry representatives. Fiinews.com
