Ministry of Chemicals and Fertilizers
India Chem 2024 concludes today in Mumbai
India’s chemical and petrochemical industry is projected to surpass $300 billion by 2028 and is on track to reach $1 trillion by 2040: Shri Jagat Prakash Nadda, Union Minister for Health & Family Welfare and Chemicals & Fertilizers
Posted On: 19 OCT 2024 10:30PM by PIB Delhi
The three-day event ‘India Chem-2024’ which was inaugurated on 17th concludes in Mumbai today.
Shri Jagat Prakash Nadda, Union Minister for Health & Family Welfare, and Chemicals & Fertilizers, Government of India, while addressing the keynote session in the august presence of the Chief Ministers of Gujarat, Madhya Pradesh and Odisha, highlighted the key role of the chemical and petrochemical sector in the economy, contributing over 9% to manufacturing gross value added and 7% to total exports. Shri Nadda stipulated that India’s chemical and petrochemical industry is projected to surpass $300 billion by 2028 and is on track to reach $1 trillion by 2040. He added that the sector will play a key role towards Prime Minister Shri Narendra Modi’s goal of ‘ViksitBharat@2047”. He emphasized the importance of reducing reliance on imported feedstocks and focusing on alternative feed stocks, while also ensuring that India leads the global shift toward greener technologies. He noted that sustainability is the future of the industry and that India must take the lead in the adoption of circular economy principles. Referring to the need for more emphasis on R&D, safety and skilling, he elaborated upon the various steps being taken by the Government to boost innovation and investment. He assured the industry that the Government shall leave no stone unturned in realizing the full potential of the Indian Chemical and Petrochemical industry.
Shri Bhupendra Rajnikant Patel, Chief Minister of Gujarat, remarked on Gujarat’s leadership in exports of chemicals and petrochemicals, and referred to the Government’s efforts to establish India as a leading destination for the chemical industry, fostering collaboration and excellence for a prosperous future. Shri Mohan CharanMajhi, Chief Minister of Odisha, highlighted Odisha’s strategic position as a rising hub for the chemical industry. Alluding to the strong infrastructure and highly skilled workforce available in Odisha, he invited industry leaders to explore the vast opportunities offered by the State. Shri Mohan Yadav, Chief Minister of Madhya Pradesh, while speaking about his State’s leadership in the sector, highlighted the efforts being made by the State Government to further boost the development of the sector and create more employment opportunities.
Ms. Anupriya Patel, Minister of State for Health & Family Welfare, and Chemicals & Fertilizers, Government of India, formally inaugurated the exhibition, which brought together over 150 exhibitors, from different industry segments. In her address at the keynote session, she mentioned that India’s manufacturing sector has shown remarkable growth, fueled by progressive policy reforms and rising domestic demand and that FDI has played a pivotal role in enhancing the growth and competitiveness of India’s chemical sector, which includes petrochemicals and specialty chemicals. The country has become an attractive destination for Foreign Direct Investment (FDI), allowing 100% FDI in manufacturing through the automatic route. Over the past decade, she mentioned that the sector has attracted US $12.48 billion in investments in this sector alone.
Ms. Nivedita Shukla Verma, Secretary, Department of Chemicals & Petrochemicals, Government of India elaborated on the event theme of ‘Advantage Bharat’ and how the Indian Chemical and Petrochemical sector has been paving the future of the Indian economy towards the goal of Viksit Bharat@2047. She drew attention to the various measures undertaken by the Government towards boosting infrastructure, including railways, roads and ports, logistics infrastructure as well as digital infrastructure as also initiatives to promote green economy and circularity. All these measures would enhance productivity and boost exports. In this context, she referred to various policy initiatives undertaken by the Department such as the Scheme for Centers of Excellence, PCPIRs, Quality Control Orders etc.,
Shri Deepak Mehta, Chairman, FICCI National Chemical Committee, stated that India is at a pivotal point of growth, with the chemical industry set to expand significantly. Shri Nikhil Meswani, Executive Director, Reliance Limited, highlighted the importance of chemicals to modern life, stating that it is the backbone of future development in agriculture, electronics, and beyond.
This was followed by a Global CEOs’ Conclave, presided over by the Union Minister for Chemicals & Fertilizers, wherein industry leaders from across the globe discussed the opportunities and challenges of the Indian chemical industry. The session witnessed insightful discussions and knowledge sharing, addressing key challenges and opportunities within the sector, with discussion on the meaningful discussion on the strengths of the Indian economy and possible interventions which may help propel the sector forward in the coming years.
The Petrochemicals Forum was presided over by Shri Hardeep Singh Puri, Minister of Petroleum & Natural Gas, Government of India. The session was participated in by leading Indian and global industry leaders including Exxon Mobil, Reliance Limited, IOCL and SABIC, amongst others. The Minister said India’s per capita petrochemical consumption is far below developed nations, offering significant opportunities for higher investment in the sector. Stating that Indian companies have committed investments of more than $ 50 billion in the near future, he opined that India’s petrochemicals production is projected to increase from 29.62 million tons to 46 million tons by 2030.
This event, organized jointly by the Department of Chemicals & Petrochemicals and FICCI, provided a platform for brainstorming discussions amongst industry leaders and Government representatives on specific topics of relevance to the sector, facilitating dialogue on investment prospects, regulatory frameworks, and strategic challenges.
One of the largest exhibition cum conferences for chemical and petrochemical industries not just in India, but in Asia, this edition of India-Chem was held with the theme of “Advantage Bharat: Indian Chemicals and Petrochemicals Paving the Future”.
The exhibition consisted of pavilions from leading Indian and global companies in the sector, several Indian States including Madhya Pradesh, Odisha, Gujarat and Andhra Pradesh, and also saw international participation from about 22 countries, including Belarus, Saudi Arabia, Germany and the Netherlands, with a footfall over more than 7,500 people across 3 days. Netherlands, with whom India shares a robust trade relationship, particularly in the chemical and petrochemical sector, was a partner country for the event.
There were several sessions on issues ranging from dyes, and agrochemicals, to petrochemicals, which saw discussions on the latest developments in the field, as well as on the importance of innovation and adoption of sustainable practices. Besides, there were dedicated sessions focusing on geography-specific issues including the India-EU, India-East Asia, and India-US Chemicals & Petrochemicals Forums, bringing together key stakeholders from each of these regions. These sessions enabled in-depth discussions on market insights, regulatory landscapes, and investment trends shaping the future of the sector, while also providing an opportunity to the participants to forge possible strategic partnerships which transcend geographical boundaries, thereby exploring new avenues to accelerate growth in the chemical and petrochemical sector.
On its third and final day, the event hosted an engaging job fair featuring 14 leading chemical companies from different sectors such as ABB Instruments Pvt Ltd., Aarti Industries, Dhanuka Agrotech, Atul Limited, Crystal Crop Care, etc. and students from CIPET – Central Institute of Plastic Engineering and Technology, which functions under the ambit of the Department of chemicals and petrochemicals, Ministry of Chemicals and Fertilisers. Institute is responsible for providing skilling through various undergraduate and postgraduate courses to almost 65,000 students per year. During the job fair, the students of CIPET got an opportunity to interact with the industry to explore possible career prospects. This served as an exciting platform bringing together students and potential employers in the chemical industry, helping the students gain insights into the future of the sector.
*******
MV/AKS
(Release ID: 2066478) Visitor Counter : 105
