Achieving the industry’s ambitious growth targets will require a combination of policy intervention, company-level initiatives, industry-academic partnerships, wise investments, and greater international access
The Indian chemicals industry stood at US $178 billion in 2019 and is expected to reach US $304 billion by 2025 and demand for chemicals is expected to expand by 9% per annum by 2025 says Union Minister for Chemicals and Fertilisers D.V. Sadananda Gowda while addressing the National Dialogue on Manufacturing Excellence and Innovation for Competitiveness and Sustainability of Chemicals Manufacturing in New Delhi.
Achieving the industry’s ambitious growth targets will require a combination of policy intervention, company-level initiatives, industry-academic partnerships, wise investments, and greater international access, added Gowda.
The minister said, "Our domestic industry and investors are feeling much more confident and optimistic in spite of an uncertain global situation and pandemic like COVID-19."
He urged the Indian companies and chemical industries to take advantage of this opportunity and bring about structural changes in the chemical industry. The Minister expressed his confidence in Indian scientists, policy makers, farmers, MSMEs and entrepreneurs and industry leaders for making India the manufacturing hub, ensuring that the country manufactures products which are ‘Made in India’ but are ‘Made for the World’.
The minister hoped that the United Nations Industrial Development Organization (UNIDO) will support the domestic industry with international best practices and policy and technical assistance.
The event was attended by Yogendra Tripathi, Secretary, Chemicals & Petrochemicals; Samir Kumar Biswas, Additional Secretary, Chemicals; H. S. Karangle, Director General, Indian Chemical Council; Dr. S. P. Mohanty, CMD, HIL India Limited; Dr. Rene Van Berkel, Regional Representative of UNIDO in India; and senior officials of the ministry.
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