PIB News Update: Union Minister of Chemicals & Fertilizers Shri D.V. Sadananda Gowda has said that it is good time to invest in India when the Government is focusing self-sufficiency in domestic production. Shri Gowda was addressing a webinar on “Specialty Chemical” Organized by Department of Chemicals & Petrochemicals and FICCI. Minster today officially launched “ India chem2021” Which will be held from 17to19 th March 2021.
Minister said “Specialty Chemicals” is one of the areas where huge potential for growth lies. The past couple of decades have seen a significant shift in the manufacturing of chemicals, particularly the specialty chemicals from EU and North America, to Asia.
The Indian Chemical and Petrochemical industry have huge potential to play a significant role a by 2025, the sector can alone contribute $300 billion to the GDP as compared to $ 160 billion at present.
Shri Gowda added that India is looking forward to incentivize manufacturers, through Production Linked Incentives (PLIs) and development of State of Art infrastructure facilities, to set up entire value chain of drug production in upcoming three bulk drug parks in India.