Union Minister JP Nadda calls for Collaborative Action from all Stakeholders to Drive Chemical and Petrochemicals Sector Growth.

 Embrace Sustainable Practices, Adopt Green Chemistry Principles, Reduce Carbon Footprints, and Enhance Energy Efficiency: Anupriya Patel

NEW DELHI. 20 July 2024: The government has reaffirmed its commitment to supporting the chemical and petrochemical industries as part of its ambitious plan to achieve a $5 trillion economy. The pledge came during the launch function of FICCI’s India Chem 2024, the 13th Biennial International Expo and Conference, today

India Chem 2024 is scheduled for October 17-19, 2024 in Mumbai. The event aims to strengthen the Make in India, the AtmaNirbhar Bharat initiative, while also contributing to the objectives of Viksit Bharat 2047. It will showcase the latest technologies, innovations and products and the chemical and petrochemical sectors globally and in the nation. It's about discussing and deliberating policy issues, regulatory frameworks and sustainable practices.

Union Minister for Health & Family Welfare and Chemicals & Fertilizers, Mr JP Nadda, addressing industry leaders and policymakers, emphasised the crucial role of the chemical sector in realising Prime Minister Narendra Modi's economic vision.

"As Prime Minister Modi desires that we have to become a 5 trillion economy, we have to align our programs and policies accordingly to see to it that the petrochemical industry, chemical industry also go in the same way and align itself so that we all together contribute to achieving that five trillion economy goal," Nadda stated.

Responding to these concerns, Minister Nadda assured attendees of the government's readiness to address challenges faced by the industry. "I, as a minister, can assure you that whatever interventions are needed in policies, in programs, whatever changes in the strategies are needed, the government is committed to it, and we will go forward," he declared.

The minister also highlighted areas requiring concerted efforts from all stakeholders. "We need to focus on imports, R&D, and manpower training. These are a few areas requiring efforts from everyone," Nadda emphasised, calling for collaborative action to drive the sector's growth.

On occasion, Ms Anupriya Patel, Union Minister of State for Health & Family Welfare and Chemicals & Fertilisers, emphasised the critical role of the chemical and petrochemical sector in India's economic growth. "This sector is very important, very vital for the overall economic growth of the country. It's like a backbone that supports many other industries like textiles, automobiles, agriculture," she stated.

The Indian chemical industry, currently valued at $220 billion, is projected to reach $300 billion by 2025 and an impressive $1 trillion by 2040. Contributing 5.9% to India's GDP and accounting for 7% of overall exports, the sector has established India as a key global player, ranking sixth in the world and fourth in Asia in terms of chemical market size.

Minister Ms Patel highlighted the government's commitment to supporting the industry's growth. "The government of India recognises this sector as a key priority area. We have a clear focus on investment-friendly reforms and the removal of policy bottlenecks," she said. These efforts include enhancing the ease of doing business, reducing compliance burdens, rationalising tax structures, implementing FDI policy reforms and boosting domestic manufacturing.

Sustainability emerged as a key theme in the minister’s address. She urged the industry to "embrace sustainable practices, adopt green chemistry principles, reduce carbon footprints, and enhance energy efficiency." The Minister called for a concerted effort to adopt circular economy principles, including minimisation of use of hazardous chemicals, improved water management, and the exploration of biotechnological alternatives to traditional chemical synthesis methods.

Ms Nivedita Shukla, Secretary of the Department of Chemicals & Petrochemicals, detailed the event's scope at the launch function. "India Chem is one of the largest events of the chemical and petrochemical industry in this region," she stated, emphasising its role in showcasing advancements, innovations, and future opportunities.

India Chem 2024 is set to build on the success of its predecessor. The 2022 edition saw participation from 57 countries, 16 states, and over 125 national and international exhibitors, facilitating more than 700 B2B and B2G meetings. Several notable features of India Chem 2024 include expected participation from over 150 countries that are likely to put up stalls, a Global CEO Forum to bring together top executives from India and abroad, dedicated sessions on emerging technologies such as artificial intelligence, blockchain, and the Internet of Things in chemical manufacturing, and roundtable discussions focusing on the industry's future, sustainability practices, and investment opportunities.

Mr. Rajendra V. Gogri, Co - Chairman, FICCI National Chemical Committee and Chairman and Managing Director, Aarti Industries highlighted the global chemical industry's shift towards emerging markets like India, citing advantages in costs, logistics, labour, and equipment. He emphasized the long-standing request for a Production Linked Incentive (PLI) scheme in the chemical and petrochemicals sector to boost manufacturing and reduce imports. Gogri also stressed the importance of improving the ease of doing business, particularly in expediting projects and streamlining environmental regulations. Furthermore, he underscored the need to promote effective circularity to fully capitalize on opportunities in the chemical industry.

Mr. Amit Chaturvedi, Designated Co-Chair, FICCI Petrochemicals Committee and President - Petrochemicals, Reliance Industries, underlined that the important agenda for the industry is sustainability, green energy and decarbonisation.

Mr Deepankar Aron, Joint Secretary, Department of Chemicals & Petrochemicals, GoI also spoke on occasion.

Ms Jyoti Vij, Director General, FICCI delivered the Vote of Thanks.