India's chemical and petrochemical sector offer significant opportunities for investment, says Minister

3 Nov 2022 , 07:19 AM

The central government, according to Chemicals and Fertilizers Minister Mansukh Mandaviya, is pro-poor, pro-farmers, and industry-friendly. He urged both domestic and foreign businesses to invest in the nation’s chemicals industry.

He added that before drafting any policies, the administration consults with all relevant parties and works to create an atmosphere that is business-friendly.

The minister emphasized industrial development in India while speaking at the India Chem 2022 event and claimed that an eco-system is being developed for all-around growth.

He emphasized that all “essential requirements” should be produced domestically, but also stated that India’s exports must increase and imports must decrease.

Speaking of the chemical industry, Mandaviya urged businesses to invest in order to boost manufacturing capabilities, claiming that the chemical and petrochemical sector offers tremendous opportunity.

“India is the best country to invest in. It has the best judicial system and is the largest democracy,” he added.

According to Mandaviya, the administration wants to collaborate with business. “We are changing policies following industry consultation.”

Chemicals and Petro-Chemicals Secretary Arun Baroka stated that the Indian chemical sector has enormous growth potential and that the market is anticipated to increase at a CAGR of 8% by 2030 to reach over USD 383 billion.