India is set to become a leading global destination for petrochemicals, thanks to its business-friendly policies and reputation as a trusted partner for investment. This announcement was made by Dr. Mansukh Mandaviya, Union Minister of Chemicals and Fertilizers, during his keynote address at the Asia Petrochemical Industry Conference 2023 held recently.
The conference, themed ‘Ushering in a Sustainable Future,’ saw the participation of over 1,200 delegates from seven member nations, along with representatives from Europe, China, America, the Middle East, and other Asian countries.
Dr. Mandaviya reiterated the government's commitment to the ‘Make in India’ and ‘Make for World’ initiatives, which aim to position India as a global manufacturing hub for petrochemicals. He emphasized the integral role of petrochemical products in everyday life and highlighted India's efforts to promote ease of doing business through minimal government interference, tax reductions, and policy changes. India seeks to establish itself as a reliable partner in the global supply chain of chemicals and petrochemicals.
Furthermore, the Union Health Minister stressed the significant investment opportunities in India, driven by its large population and ongoing efforts to foster free trade agreements with numerous countries.
He highlighted India's potential as a market for foreign partners, citing the country's adaptability to new technologies and the emergence of skilled entrepreneurs. The government is actively working to attract domestic and foreign investments to address the issue of petrochemical availability, and has introduced schemes such as production-linked incentives and the proposed manufacturing of strategic chemicals intermediates in India. The country's favorable import and export policies also present opportunities for mutually beneficial joint ventures with foreign nations.
Looking ahead to the next 25 years, Dr. Mandaviya discussed the government's long-term plan, known as Amrit Kaal, which focuses on sustainable development. He highlighted the recently launched Gati Shakti scheme, a national master plan for multi-modal connectivity, aimed at reducing logistics costs.
This scheme, which incorporates the use of petrochemical products, will enhance connectivity for the seamless movement of goods, people, and services. Dr. Mandaviya emphasized the importance of affordable and eco-friendly petrochemical products in reducing carbon footprint, urging all stakeholders to embrace the principles of reclamation, reuse, and recycling for sustainable development.
Hardeep Puri, Minister of Housing and Urban Affairs, Petroleum and Natural Gas, also lauded India's progress in the petrochemical industry, highlighting the country's resilience and self-reliance in this sector.
