During the Asia Petrochemical Industry Conference 2023, Union Minister of Chemicals and Fertilizers, Dr. Mansukh Mandaviya, expressed that India is becoming a preferred global destination for petrochemicals due to its business-friendly policies. He emphasized that the Indian chemical manufacturing industry has emerged as a global manufacturing hub for petrochemicals and stated that petrochemical products have become an integral part of daily life.
Dr. Mandaviya highlighted the Indian government’s efforts to promote ease of doing business, reduce government interference, minimize compliance burdens, and implement policy changes to attract investment and become a trusted partner in the global supply chain of chemicals and petrochemicals. He mentioned the government’s focus on reducing taxes and compliance burdens, as well as the introduction of production-linked incentive schemes for chemicals and the proposal to manufacture difficult and strategic chemical intermediates in India.
The Union Health Minister also emphasized the opportunities for investment in India, citing its large population and the government’s efforts to establish free trade agreements with various countries. He mentioned the ease of import and export in India, which creates a win-win situation for foreign countries interested in joint ventures.
Dr. Mandaviya discussed the government’s long-term plan for the next 25 years, known as Amrit Kaal, which focuses on sustainable development. He mentioned the recently launched Gati Shakti scheme, a national master plan for multi-modal connectivity, which aims to bring down logistics costs and will significantly impact the petrochemical industry. He stressed the importance of sustainable practices in the industry, such as reclaiming, reusing, and recycling, to reduce carbon footprints and ensure sustainable development.
Shri Hardeep Puri, Minister of Housing and Urban Affairs, Petroleum and Natural Gas, also highlighted the progress made by India in the field of petrochemicals, emphasizing the country’s resilience and self-reliance.