Indian chemical sector must achieve three major milestones for building competitiveness – Safety & sustainability; Making mark in the global trade' and R&D, innovation & digitalization – to make chemicals and petrochemicals industry a global powerhouse by 2047, said Arun Baroka, Secretary, Department of Chemicals & Petrochemicals, Ministry of Chemicals and Fertilizers, Govt. of India while releasing CII report on “Mission Net-Zero: A Roadmap for the Indian Chemicals Industry” that charts the sector’s pathway towards sustainability and competitiveness.

The report was released during the 5th edition of the India Chemicals and Petrochemicals Conference organized by CII in partnership with the Department of Chemicals and Petrochemicals, Ministry of Chemicals and Fertilizers in New Delhi.

Inaugurating the conference, the Secretary urged the industry and invited CII to collaborate with the department for identifying key milestones and segments and prepare a strategic action plan for the sector with an achievable timeline.

The Chemical Net Zero framework outlined in the report identifies seven major levers that can help decarbonize the sector, including enhancing efficiency, use of renewable energy, bio energy, use of hydrogen, carbon capture, utilization and storage, use of biobased feedstock technologies, and adoption of circular economy.

Speaking at the event, Vartika Shukla, CMD, Engineers India Ltd. said, "Petrochemicals industry makes a crucial component in the prospective US $5 trillion economy and India is poised with strong enablers including PCPIR and other policy support from government enabled with ease of doing business, feedstock security, and operating companies in terms of support of PLI scheme. A focused approach is needed for making technology integrations for energy solutions and investment based on demand mapping till the year 2040 for a sustainable future."

In his address, Susanta Kumar Purohit, Joint Secretary, Department of Chemicals & Petrochemicals said, "The sector has the potential to reach US $2 trillion by 2047 if the government and industry can come together to address issues related to R&D, specialty chemicals, import substitution, sustainability and circular economy."

Namitesh Roy Choudhary, Vice Chairman & Managing Director Region India, Lanxess India Pvt. Ltd. said "CII has identified a seven-point agenda, which emphasizes on clear articulation of national chemical policy, revision of PCPIR, digitalization, and amendments in transportation rules for certain products."

Rajesh Srivastava, CEO & Managing Director, Jubilant Ingrevia Ltd. said, "Keeping in view the importance of India’s G20 presidency, the sector should focus on inclusive GVCs for resilient global trade and investment, skilling energy, resource efficiency, digital transformation, and technology, innovation, and R&D.