The industry is expected to surpass US$ 300 billion by 2028
India needs to address the challenge of dependency on imported feedstocks, says Union Minister for Chemicals and Fertilizers J P Nadda while speaking at the 13th biennial International Exhibition, India Chem 2024 in Mumbai. He said that the chemical and petrochemical industry remains a vital pillar of India's burgeoning economy, he emphasized the necessity of addressing challenges such as dependency on imported feedstocks.
He stressed the adoption of alternative feedstocks, including biomass, plastic waste, and green hydrogen, along with domestic natural gas expansion. Sustainability, according to Nadda, will monopolize the future of the industry.
The Department of Chemicals and Petrochemicals in collaboration with FICCI organised India Chem 2024 and the theme was ‘Advantage BHARAT: Indian Chemicals and Petrochemicals Paving the Future.' "Despite being successful, we must (also) address a significant challenge the reliance on imported feedstocks. We must explore alternative feedstocks like biomass plastic waste and green hydrogen while also expanding domestic sources of natural gas and coal," Nadda said.
He said that the shift from Oil-to-Chemicals and the option of green hydrogen offer immense opportunities for our industry through a deeper chemical integration, optimized energy use and circular economy principles." We can reduce our sector's environmental footprint while driving economic growth."
Nadda said that India's chemical and petrochemical industry is a vital pillar of the economy and added that currently valued at US$ 220 billion, it is expected to surpass US$ 300 billion by 2028 and reach US$ 1 trillion by 2040.
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