During the Asia Petrochemical Industry Conference 2023, Union Minister of Chemicals and Fertilisers, Dr Mansukh Mandaviya, expressed that India is on the brink of becoming a prominent global destination for petrochemicals. This positive outlook is attributed to India’s business-friendly policies, which have earned the trust of the international community and positioned it as a priority investment location. The conference, themed “Ushering in a Sustainable Future,” drew the participation of over 1200 delegates from seven member nations and various other countries, including Europe, China, America, and the Middle East.
Dr Mandaviya reiterated the Indian government’s emphasis on the Make in India and Make for World initiatives, underscoring India’s emergence as a global manufacturing hub for petrochemicals. He emphasized the omnipresence of petrochemical products in our daily lives and highlighted India’s focus on facilitating ease of doing business by reducing government interference, incorporating tax reductions, easing compliance burdens, and implementing policy changes. India is committed to becoming a trusted partner in the global supply chain of chemicals and petrochemicals.
The Union Health Minister highlighted the opportune time for investment in India, considering its large population and growing market. The government is actively working to attract investment from domestic and foreign sources to address the challenge of petrochemical availability. Measures such as the production-linked incentive scheme for chemicals and the proposed manufacturing of complex and strategic chemical intermediates in India have been introduced. India’s favorable import and export environment also present lucrative opportunities for joint ventures with foreign countries.
Dr Mansukh Mandaviya shed light on the government’s long-term plan, Amrit Kaal, spanning the next 25 years. This plan prioritizes sustainable development by drafting policies, making informed decisions, and executing infrastructure projects through initiatives like the ambitious Gati Shakti scheme. The scheme aims to enhance multi-modal connectivity, reduce logistics costs, and facilitate seamless movement of goods, people, and services. The petrochemical industry is expected to experience significant growth as India focuses on producing affordable and eco-friendly petrochemical products to minimize carbon footprint. Dr Mandaviya emphasized the importance of all stakeholders adopting sustainable practices, such as reclamation, reuse, and recycling, to foster sustainable development.
Shri Hardeep Puri, Minister of Housing and Urban Affairs, Petroleum and Natural Gas, highlighted India’s progress in the petrochemical industry, showcasing the nation’s resilience and self-reliance.
The Asia Petrochemical Industry Conference (APIC) is a comprehensive event involving the petrochemical industry. It features participation from seven partner countries, namely India, Japan, Korea, Malaysia, Singapore, Taiwan, and Thailand. Initially established as the East Asia Petrochemical Industry Conference (EAPIC) in 1979 by Japan, Korea, and Taiwan, it was later renamed APIC in 2000 when India, Malaysia, Singapore, and Thailand joined as members. APIC is hosted annually on a rotational basis by the partner country associations.