Union Minister of Chemicals & Fertilizers, J. P. Nadda, held a meeting with captains of the Indian chemicals and petrochemicals industry to deliberate on a strategic roadmap for chemicals and petrochemicals sector.
The discussions focused on outlining both short-term and long-term measures to accelerate growth and contribute towards the vision of Viksit Bharat by 2047.
The meeting addressed the ongoing West Asian crisis, with emphasis on enhancing sectoral resilience and developing alternative supply chains to mitigate external risks. Strategies to strengthen India’s position in the global chemicals and petrochemicals value chain was also discussed during the interaction.
Nadda expressed confidence in the industry’s potential and reiterated the Government’s commitment to ensuring a level playing field for achieving the goal of Atmanirbhar Bharat.
He indicated that appropriate trade remedial measures would be considered to address unfair trade practices.
Nadda invited industry suggestions to facilitate the growth of the sector and to make it more resilient especially in wake of the current West Asian Crisis.
He assured the industry that the Government would keep working with the industry hand-in-hand on a continuous basis.
Tejveer Singh, Secretary, Department of Chemicals & Petrochemicals and senior officers from the Department were present in the meeting. Around 25 CEOs, Chairpersons, and industry leaders, representing diverse sub-sectors such as petrochemicals, polymers, specialty chemicals, chlor-alkali, agrochemicals, dyes and pigments, and organic and inorganic chemicals participated in the deliberations.
Prominent industry leaders from UPL Group, Deepak Group, DCM Shriram, Jubilant Group, SRF, Atul, Thirumalai Chemicals, Reliance Industries, Aarti Industries, HPCL-Mittal Energy, IOCL, Haldia Petrochemicals, Tata Chemicals, Sanmar Group, ONGC Petro-additions, BPCL, and GAIL (India) participated.
The chemical and petrochemicals sector plays a pivotal role in the Indian economy, serving as a backbone for multiple downstream industries including agriculture, pharmaceuticals, nutraceuticals, automobiles, construction, semiconductors, and electronics. Currently valued at approximately US $220 billion, the sector aims to scale up to US $1 trillion by 2040 and further to over US $1.5 trillion by 2047.