India is the sixth largest chemical manufacturer but accounts for less than 3% of the global capacity, offering immense opportunities for growth
26th February 2021 Vadodara: The Federation of Indian Chambers of Commerce and Industry (FICCI) and the Department of Chemicals and Petrochemicals hosted an industry meet at Vadodara on Friday on “Chemicals and Petrochemicals Industry and India Chem 2021” in the run-up to the upcoming India Chem 2021 that is slated to take place from March 17 to 19.
In his welcome remarks, Deepak Mehta, chairman of FICCI’s National Chemical Committee, and CMD Deepak Nitrite, spoke about the huge growth opportunities in the chemical industry.
“The Indian chemical industry is worth $160 billion. In spite of being the sixth-largest in the world, India accounts for less than 3% of the world’s capacity.
India has a great opportunity and all the building blocks to grow for itself, and to play a larger role at the global stage,” he said, adding Gujarat is the chemical capital of India with over 50% of the production.
Speaking about India Chem 2021, the largest event of chemicals and petrochemical industry in the country, he said that since the event will be mostly virtual, a lot more international companies are participating.
India Chem 2021 will take place at Taj Palace in New Delhi from March 17-19 and will see the participation of chemicals, petrochemicals, plastics, process plant machinery, engineering project management, environment/pollution management, water management systems, among other sectors.
Speaking at the meet, Yogendra Tripathi, Secretary, Department of Chemicals & Petrochemicals, Ministry of Chemicals and Fertilizers, said the growth opportunities in the chemicals and petrochemicals sector are immense.
“Hon’ble Prime Minister has given a clarion call to the nation to become Atmanirbhar. The government is taking several steps to make India a global manufacturing hub.
We have seen a huge improvement in our ease of doing business rankings in the last 5-6 years.
We are also working on policies for import substitution so that we can not only reduce imports, but also tap opportunities in export markets,” he said.
He also lauded Gujarat’s key role in petrochemicals, chemicals, and pharma production.
In his address, MK Das, Additional Chief Secretary, Industries, Government of Gujarat, said the chemicals and petrochemicals sector is poised to grow to $300 billion by 2025 due to rising demand from across industries.
“FDI in Gujarat reported a growth of 550% in the pandemic year. Gujarat has emerged as the chemicals and petrochemicals hub of India and the preferred investment destination due to sound infrastructure, excellent connectivity, policy-driven administration and transparent policies.
The state’s strategic location, with proximity to Middle East nations, also gives a competitive advantage to chemical and petrochemical industries,” he said.
Mukesh Puri, managing director, GSFC, said it is a matter of time before India becomes the second or third largest chemical producer in the world.
“Gujarat will contribute in a big way for this,” he said
Samir Kumar Biswas, Additional Secretary (Chemicals), Department of Chemicals & Petrochemicals, Ministry of Chemicals and Fertilizers, said, “We are a net importer of chemicals and petrochemicals, but there is a great opportunity to become a net exporter.”
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