By: ICN Bureau
Last updated : March 06, 2018 8:18 pm
Focussed attention to few policy areas like PCPIR required as three out of four PCPIRs not reflecting desired result
The chemical industry, a key manufacturing driver, is growing at 8 to 9% p.a. and has potential to grow much faster. However, there are no major investments being made in the sector by big international players, according to Rajeev Kapoor, Secretary, Department of Chemicals & Petrochemicals, Ministry of Chemicals & Fertilizers.
Kapoor was speaking at the 4th edition of CII Chemistry Everywhere Conference organised by CII in partnership with Department of Chemicals & Petrochemicals, Ministry of Chemicals & Fertilizers, in New Delhi recently.
He further said that the chemical sector although globally competitive, is constrained domestically. Still, much more can be enhanced by keeping close interaction with the user segment. One important action plan for government will be to work with the consumers and industry and then develop the products, he said.
Kapoor also emphasized on giving focused attention to few policy areas including revising the PCPIRs, as three out of the four PCPIRs are not reflecting desired results. ‘Our trade Policy also needs stability and we have already taken up that with the Ministry of Commerce”, he added.
‘In order to make petrochemicals a major source of sustainability, we need to work on value chains and for that we need to work with the champion industries. We also need to push for skilling the chemical aspects of the industry,’ the Secretary remarked.
Also speaking on the occasion, Dr Raman Ramachandran, Chairman, CII National Committee on Chemicals, presented some of the key issues, needs and roadmaps for the sector and urged the government for making those actionable in coming times. Creating an integrated Petrochemical & specialty chemicals Master Plan, investing in heavy upfront Infrastructure in Greenfield PCPIRs, setting up a technology upgradation fund for the chemicals industry and reviewing reverse duty structures, establishing India’s chemical inventory database, upgrading the Tier-2 Chemical Universities through PPP model, launching of parallel inspections, time bound clearances, pre-approved list of companies, etc are some of the key elements which were highlighted.