Chemicals and Fertilizers Minister D.V. Sadananda Gowda has said that the Indian chemicals and petrochemicals industry is growing to new heights and an investment of 8 lakh crore rupees is anticipated in the sector by 2025.
Mr Gowda said this while inaugurating the 11th Edition of India Chem 2021 in New Delhi yesterday with the theme ‘India: Global Manufacturing hub for chemicals and petrochemicals’.
The Minister added that the growth in the chemical and petrochemicals industry is also contributing to the Prime Minister’s vision of Atmanirbhar Bharat. He informed that Government has launched 12 Production Linked Incentive- PLI scheme for different sectors which will directly or indirectly benefit the chemicals sector. He also stated that the Government is prioritising the sector and in the Budget 2021-22, the import duty on Naphtha has been reduced from 4 per cent to 2.5 per cent.
Secretary, Department of Chemicals and Petrochemicals, Yogendra Tripathi said that India is emerging as one of the fastest-growing economies in the world. He also highlighted the various factors such as development of industrial corridors, commitments in the National Infrastructure Pipeline, competitive wages rates which will give India a competitive advantage.