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Chemicals and petrochemicals a priority sector: Govt

Published: Aug 22, 2024

By TIOLCorplaws News Service

NEW DELHI, AUG 22, 2024: IN the run-up to India Chem 2024, the 13th Biennial International Exhibition and Conference on Chemicals and Petrochemicals, the Union Ministry of Chemicals & Fertilizers, in collaboration with Federation of Indian Chambers of Commerce & Industry (FICCI), hosted an Industry Meet in Ahmedabad yesterday.

Anupriya Patel, Minister of State for Health & Family Welfare and Chemicals & Fertilisers, graced the occasion as the Chief Guest, emphasising the critical importance of the chemical industry in achieving India's $5 trillion economy vision. Addressing the gathering Anupriya Patel said that the Union Government considers the chemicals and petrochemicals sector a priority sector and has taken several initiatives to reduce bottlenecks, ease the burden of compliances, and create an investment-friendly environment.

Commending Gujarat's key role in the sector she added that "Gujarat stands at the forefront of India's industrial landscape, especially in the chemicals and petrochemical sectors with a 62% share of India's petrochemical production, 53% share of chemical production and 45% of pharma production."

Gujarat's Industries Minister. Balvantsinh Rajput, who was the Guest of Honour at the event, highlighted the state's strategic role in powering India's industrial growth and said that the state has a share of 8.4% in the national GDP and 18% share in the overall manufacturing output. The state also accounts for 33% of India's total exports, he added

The Industry Meet focused on promoting Gujarat as a global hub, attracting new investments, and showcasing innovations that align with sustainable practices. It also served as a platform for industry leaders, policymakers and other key stakeholders to discuss the future of the sector and explore collaborative opportunities.

The Industry meet also had the presence of key dignitaries, including Nivedita Shukla Verma, Secretary, Department of Chemicals & Petrochemicals, Government of India. She stated that Gujarat PCPIR is a role model. She informed the participants that the Government is taking various steps such as duty rationalization and imposition of non-tariff measures to protect the domestic industry from unfair trade practices with a view to restrict the cheap or poor quality imports of chemicals in the country.

The Industry Meet in Ahmedabad on 20th August was a part of a series of events aimed at building momentum towards India Chem 2024, scheduled for October 17-19 in Mumbai. The main event will showcase the latest technologies, innovations in the global chemical and petrochemical sectors. The event will also provide a platform for discussing policy issues, regulatory frameworks and sustainable practices that are crucial for the industry's future.

Deepankar Aron, Joint Secretary, Department of Chemicals & Petrochemicals, Government of India, Mamta Verma, Principal Secretary, Industries & Mines, Government of Gujarat,  Deepak C. Mehta, Chairman of National Chemical Committee of FICCI, and Rajiv Gandhi, Chairman of FICCI Gujarat State Council, were among the other dignitaries present at the meet.

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