New Delhi (NVI): The government today said that Indian chemicals industry is growing to new height and investment of Rs 8 lakh crore is anticipated in this sector by 2025.
The remarks were made by Minister of Chemicals & Fertilizers DV Sadananda Gowda while addressing India-Chem 2021 event.
“Union Minister of Chemicals & Fertilizers DV Sadananda Gowda inaugurated the 11th Edition of India Chem 2021 in New Delhi with the theme “India: Global Manufacturing hub for chemicals and petrochemical,” the Ministry of Chemicals and Fertilizers said in a statement.
Gowda also appreciated that Department and FICCI who has organised the event.
During his address, Gowda stated that the Indian chemicals and petrochemicals industry is growing to new heights and informed that an investment of Rs 8 lakh crore is anticipated in the sector by 2025.
He added that, “The growth in the chemical and petrochemicals industry is also contributing to the Prime Minister’s vision of Atmanirbhar Bharat.”
Gowda also mentioned that the government has launched 12 PLI scheme for different sectors which will directly or indirectly benefit the chemicals sector adding that, “The government is prioritising the sector and in the budget 2021-22, the import duty on Naphtha has been reduced from 4.0 per cent to 2.5 per cent.”
According to Chemicals and Petrochemicals Secretary Yogendra Tripathi, India is emerging as one of the fastest-growing economies in the world.
“The vision of India Chem-2021 is to seize the opportunity to establish India as a leading chemicals and petrochemicals hub,” he added.
Tripathi also highlighted the various factors such as development of industrial corridors, commitments in National Infrastructure Pipeline, competitive wages rates give India a competitive advantage.
Speaking about the state perspective, Andhra Pradesh Industries Minister Mekapati Goutham Reddy said that Andhra Pradesh is the preferred destination for chemicals and petrochemicals industries and appreciated the Government of India for taking effective steps to promote the petrochemical industry.
At the event, a global CEOs roundtable also took place, wherein various opportunities of investment available in India were also discussed, the ministry added.