New Delhi [India], March 17 (ANI): Union Minister of Chemicals and Fertilizers, DV Sadananda Gowda on Wednesday said that Rs 8 lakh crore investment are in the pipeline in the Indian chemical industry by 2025.
Gowda inaugurated the 11th Edition of India Chem 2021 in New Delhi with the theme "India: Global Manufacturing hub for chemicals and petrochemicals" on Wednesday. He stated that the Indian chemicals and petrochemicals industry is growing to new heights, and informed that an investment of Rs 8 lakh crore is anticipated in the sector by 2025.
According to a press statement from the Ministry of Chemicals and Fertilizers, during his speech, Gowda also appreciated that Department and FICCI has organised the event. He 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 the 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 2021-21, the import duty on Naphtha has been reduced from 4.0 per cent to 2.5 per cent.
Yogendra Tripathi, Secretary, Department of Chemicals and Petrochemicals, Ministry of Chemicals and Fertilizers, said that India is emerging as one of the fastest-growing economies in the world. The vision of India Chem-2021 is to seize the opportunity to establish India as a leading chemicals and petrochemicals hub, he added. He highlighted the various factors such as the development of industrial corridors, commitments in the National Infrastructure Pipeline, competitive wages rates that give India a competitive advantage.
Captain Dibya Sankar Mishra, Minister of Industries, MSME, Energy and Home (MoS), Government of Odisha, emphasized that Orissa is emerging as an investment destination and it has an ecosystem where the investor will be benefitted if the investments are made in Odisha. To facilitate the companies to set up and do business in the state, Odisha has undertaken several initiatives in terms of implementation of EoDB framework."
Mekapati Goutam Reddy, Minister for Industries, Investment, Infrastructure, Commerce and IT, Government of Andhra Pradesh said that Andhra Pradesh is the preferred destination for chemicals and petrochemicals industries. He also appreciated the Government of India for taking effective steps to promote the petrochemical industry.
A global CEOs roundtable also took place during the event, wherein various opportunities of investment available in India were discussed. (ANI)