New Delhi, July 20 (IANS): Union Minister for Chemicals and Fertilizers J.P. Nadda on Saturday assured industry representatives that the government will come up with policy interventions required to strengthen the chemicals sector.
Launching the 13th edition of India Chem with the theme "Advantage Bharat: Indian Chemicals and Petrochemicals Paving the Future" here, the Union Minister said that this sector is a top priority for the government.
J.P. Nadda said that the government has initiated numerous structural reforms to support industrial development in general, and to strengthen the chemicals sector in particular.
He said: "The Ministry will initiate policy measures to achieve the outcomes that will come out of the deliberation that will take place at the 13th edition of India Chem in Mumbai during October 17-19 this year.
He said the theme of India Chem 2024 conference aligns well with Prime Minister Narendra Modi's vision of making India a $5 trillion economy by 2025.
J.P. Nadda expressed hope that "with focus on import, research and development and manpower training, this sector will contribute its share in realising the dream of Viksit Bharat by 2047".
Addressing the gathering, Minister of State for Chemicals and Fertlisers, Anupriya Patel, said that the chemical and petrochemical sector plays a crucial role in the economic development of key sectors such as automotive, construction, electronics, healthcare, textiles, and FMCGs.
She said: "India is the second-largest exporter of chemical dyes and dyestuff as well as agrochemicals in the world. It also contributes about 3 per cent of global chemical sales."
Since its beginning, India Chem has contributed to the growth of the sector by bringing more investment, Anupriya Patel said.
"With a clear focus on investment-friendly reforms, the removal of policy bottlenecks is a top priority for the government," the Minister added.
She urged all the participants to make the best use of the opportunity to learn, network, and explore new possibilities.
India Chem 2024, the flagship event of the Department, is one of the largest composite events of the industry in the Asia-Pacific comprising an International Exhibition and Conference.
The India Chem exhibition aims to showcase the huge potential of the Indian chemical industry as well as its different industry segments (including chemicals, petrochemicals, agrochemicals etc.,) and to provide a platform for groundbreaking discussions, visionary ideas, and strategic collaborations among industry representatives.
The Indian chemical industry is currently valued at $220 billion and is expected to reach $300 billion by 2030 and $1 trillion by 2040.
This industry remains an active hub of opportunities, even in an environment of global uncertainty.