Indian chemical industry expected to reach US$ 383 billion by 2030

Indian chemical industry expected to reach US$ 383 billion by 2030

There is a need to create a roadmap for the industry for long-term policy support, investment as well as export promotion.

  • By ICN Bureau | November 03, 2022

There is a huge opportunity in Indian chemicals and petrochemicals sector. India is emerging as one of the best investment destinations in the world. "India is developing, and a new India is being built with a holistic approach. There is a need to have an eco-system for industrial development," Union Minister of Chemicals and Fertilizers, Dr Mansukh Mandaviya said while inaugurating the 12th Biennial International Exhibition and Conference India Chem 2022 at Pragati Maidan, New Delhi yesterday.

Talking about ‘Aatmnirbhar’ Bharat, Mandaviya said that Aatmnirbhar Bharat does not mean that we won’t import anything but it means that critical requirements of the nation should be fulfilled by the nation. "We need to work to increase our exports and reduce the imports," he said suggesting that there is a need to create a roadmap for the industry for long-term policy support, investment as well as export promotion.

The government is also giving impetus in creating a conducive start-up ecosystem to help boost the domestic industry along with the large players. We want to work together with the industry to increase investment in the country. "This is the best opportunity for the industry as the government is creating best ecosystem by increasing ease of doing business, reducing compliances and policy reforms are done in consultation with the industry," emphasized Mandaviya.

Bhagwanth Khuba, Minister of State for Chemicals & Fertilizers and New & Renewable Energy, Govt of India said that India is an emerging nation and by investing in India will be very beneficial. India has the potential to cater not only domestic but global demands as well. The New and Renewable Energy sector also has tripled in the growth in last 8 years and will reach 500 GW production target by 2030. "India is the only nation for investment, production and the government is working to provide industry friendly policy to boost the sector," he added.

Gudivada Amarnath, Minister of Industries, Infrastructure, IT & Electronics, Government of Andhra Pradesh said that many renowned chemicals and petrochemicals industry are in the state today. "Due to its strategic location, Andhra Pradesh plays an important role in the growth of Indian chemicals and petrochemicals industry," he added.

Arun Baroka, Secretary (Chemicals and Petrochemicals), Ministry of Chemicals & Fertilizers, Govt of India said that India is slated to be the growth engine of the global economy in the current decade. The Indian chemical industry holds tremendous growth potential, market size expected to reach 383 billion by 2030 growing at 8% CAGR "India has also emerged as an attractive investment destination, resilient to global economic swings mainly due to consumption potential and government's industrial friendly policies," he added. Manufacturing, he said is poised to become a major growth pillar for the Indian economy aided by government's push towards self-reliance and the vision to become a $5 trillion economy by 2024.

Nikhil Meswani, Executive Director, Reliance Industries Limited said that Asia will be the key engine of growth in the coming years with India being the shining star. India that will provide the growth and savings to the world. "Sustainability and compliance with our environment to live a better planet for tomorrow are our key challenges," he added.

Prabh Das, Chairman, FICCI Petrochemicals Committee and MD & CEO, HPCL-Mittal Energy Ltd said that we see a great opportunity in the sector and are willing to take advantage of it. The Chemical and petrochemicals sector is growing at 7-8 per cent growth and the industry is focusing on safety, decarbonization along with circular economy and the ESG goals.

Dr Detlef Kratz, President, Group Research, BASF and Deepak C Mehta, Chairman, FICCI National Chemical Committee and CMD, Deepak Nitrite Ltd also shared their perspective.

INDIA CHEM 2022 is being organized by FICCI with with the Ministry of Chemicals & Fertilizers, Govt of India.

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