Private player can have 51% stake in the entity to develop parak on turnkey basis
Minister of Chemicals and Fertilisers Dr Mansukh Mandaviya says his ministry is undertaking detailed work on establishing chemical parks for the industry to form an association or SPV and partner with the central and state governments.
The private player can have a 51% stake in the entity and develop the park on a turnkey basis, he said the Summit on Global Chemicals and Petrochemicals Manufacturing Hubs in India.
He emphasised the vision of transforming India into the world’s manufacturing hub. To fulfil this ambition, he stressed the necessity of an industry-friendly environment to bolster manufacturing.
Dr Mandaviya pointed out that the government’s holistic approach towards industry promotion has positioned India as the preferred investment destination globally.
The Minister highlighted the government’s commitment to continuous stakeholder consultation, inviting the industry to collaborate and help enhance quality, thereby gaining a competitive edge in the global market.
“Brainstorming is a continuous exercise, both with the government and within the industry,” stated Dr Mandaviya, underlining the importance of mutual collaboration.
Speaking at the Summit, held 27-28 July, Arun Baroka, Secretary (Chemicals and Fertilisers), Department of Chemicals and Fertilisers, detailed the new features of the Summit’s third edition, which include innovative financing measures designed to assist India in its aspiration to become a global manufacturing hub.
Deepak C Mehta, Chairman, FICCI National Chemical Committee, reiterated the significant contributions of the chemical industry to the Indian economy, adding that the industry’s challenges and opportunities have become more evident than ever.
“Our recent engagements with policymakers and finance ministers show their increasing investment in understanding this vital sector,” Mehta, also Chairman and Managing Director of Deepak Nitrite, informed the summit.
The industry is receiving significant support on standards, added Prabh Das, Chairman of the FICCI Petrochemicals Committee and MD & CEO of HPCL – Mittal Energy. Fiinews.com
