The Department of Chemicals and Petrochemicals, under the Ministry of Chemicals and Fertilizers, in partnership with the Indian Chemical Council (ICC), has organized a two-day conclave under the theme ‘Integrating Sustainability & Business Strategy for the Chemical Industry - Addressing Challenges and Opportunities.’ This significant event saw the participation of prominent government officials, industry champions, and experts from the chemical and petrochemical sector.
The event was graced by the presence of distinguished figures, including Union Minister of State for Chemicals and Fertilizers and New and Renewable Energy, Bhagwanth Khuba, and Minister for Industries, Energy, and MSME, Government of Odisha, Pratap Keshari Deb. Also in attendance were Nivedita Shukla Verma, Secretary of the Department of Chemicals and Petrochemicals, as well as senior officials from the Ministry of Chemicals and Fertilizers, ICC representatives, and industry leaders.
Bhagwanth Khuba, in his keynote address, emphasized the pivotal role played by the Chemical and Petrochemical Industry in the Indian economy. This sector serves as a backbone for numerous industries and offers a diverse range of over 80,000 commercial products. He lauded the government's efforts to reduce reliance on imports, enhance infrastructure, and improve the business environment. Khuba stressed the necessity of integrating chemical sustainability into the narrative of growth. With the industry poised to grow from its current value of approximately USD 215 billion to an estimated USD 300 billion by 2025, he underscored the importance of ensuring this growth is coupled with an unwavering commitment to sustainable development.
The Union Minister further outlined his vision for the chemical sector, advocating for sustainable growth that reduces carbon emissions and makes a positive contribution to the environment. He expressed optimism that the industry would continue to be a significant contributor to the Indian economy. Secretary, Department of Chemicals and Petrochemicals, Ms Nivedita Shukla Verma, highlighted the government's ‘Make in India’ and ‘Make for the World’ initiatives, emphasizing their commitment to promoting manufacturing across all sectors.
She reiterated the department's active role in supporting the chemicals industry and enhancing the ease of doing business, thereby creating a secure and reliable industrial ecosystem. India's natural advantages make it an attractive destination for investment, as evidenced by the remarkable 90% growth in foreign direct investment (FDI) recorded in the chemical sector in 2021-22. The ICC Sustainability Conclave is a significant initiative aimed at encouraging sustainability in the management of the entire life cycle of chemicals. Environment Resource Management (ERM), a globally renowned entity in the sector, is the Knowledge Partner for the Conclave.
The ICC Sustainability Conclave assumes great importance in light of India's international commitments to combat climate change, reduce carbon footprints, increase renewable energy utilization, and promote sustainable corporate practices. The two-day event will bring together senior representatives from Indian and global companies, government officials, multilateral organizations, chemical industry bodies, and academic experts to discuss pressing issues and opportunities. Topics of discussion will include ESG strategies, decarbonization, net-zero transition, digital transformation, green growth, cleaner energy, safety promotion, and product stewardship beyond regulations.
