New Delhi: Nirmala Sitharaman, Minister of Finance and Corporate Affairs, Goverment of India today said that the Indian chemical and petrochemicals sector has immense potential and impacts various sectors of the economy. The Finance Minister highlighted that the sector manufactures 80,000 products, including those for agriculture, infrastructure, textiles, and packaging. "India becoming a manufacturing hub is our priority, and we will consider the PLI scheme for the chemicals and petrochemicals sector," she added.

Addressing the FICCI's 3rd Global Chemicals & Petrochemicals Manufacturing Hubs in India Summit, Sitharaman reiterated India's vision of becoming energy independent by 2047 and achieving net zero by 2070. She urged the industry to play a key role in this mission, emphasizing that each sector must contribute to achieving net zero. "We are focused on Green growth, reducing carbon intensity, and every sector's efforts are crucial in this regard," she emphasized.

Highlighting the challenges in the sector, Sitharaman urged the industry to focus on product sustainability, adopting Industry 4.0, skilling of the workforce, and pollution control. She emphasized the importance of reducing imports, as many of these items can be produced within India.

Sitharaman encouraged the industry, including FICCI, to work towards a circular economy, and the government will consider the industry's recommendations to ensure a sustainable sector.

She also acknowledged the exponential growth of Specialty chemicals and their importance in the industry. The Finance Minister emphasized the need for robust support for specialized chemicals due to the country's strong process engineering capabilities, low-cost manufacturing, and abundant manpower.

Bhagwanth Khuba, Minister of State for Chemicals & Petrochemicals and New & Renewable Energy, Government of India, shared the government's efforts in creating an ecosystem for the sector. He highlighted the government's initiatives to set up chemical parks and promote skill development in the industry.

Pratap Keshari Deb, Minister of Industries, MSME & Energy, Government of Odisha, expressed the state's commitment to supporting the growth of the chemicals sector.

Arun Baroka, Secretary (Chemicals & Petrochemicals), Department of Chemicals & Petrochemicals, Government of India, mentioned India's strong outlook to be a global manufacturing hub due to policy reforms and increasing demand.

Subhrakant Panda, President, FICCI, stressed the potential of the Indian chemicals sector in terms of employment and exports, driven by domestic consumption and government policies.

Deepak C Mehta, Chairman, FICCI National Chemical Committee, and Prabh Das, Chairman, FICCI Petrochemicals Committee, also shared their perspectives on the Indian chemicals and petrochemicals sector.

/BI