Mandaviya asks cos to invest in India's chemicals industry

New Delhi, Nov 2 (PTI) Chemicals and Fertilisers Minister Mansukh Mandaviya on Wednesday said the central government is pro-poor, pro-farmer and also industry friendly, and exhorted domestic as well as global companies to invest in the country's chemicals industry.

He also said the government is creating an industry-friendly environment and consulting all stakeholders before framing any policy.

Speaking at the event India Chem 2022 here, the minister also emphasised on industrial development in India and said an eco-system is being created for holistic growth.

While stressing that all the "critical requirements" should be produced locally, he said there is a need to boost India's exports and reduce imports.

Talking about the chemical industry, Mandaviya said there is a huge opportunity in the chemical and petro-chemical sector, and asked corporates to make investments to increase manufacturing capacities.

"India is a best destination for investment. It is the biggest democracy with best judicial system," he said.

Mandaviya said the government intends to work together with the industry. "We are reforming policies after consultation with the industry".

Chemicals and Petro-Chemicals Secretary Arun Baroka said the Indian chemical industry holds tremendous growth potential and the market size is expected to reach around USD 383 billion by 2030, growing at a CAGR (compounded annual growth rate) of 8 per cent. According to an official statement, the export of Indian chemicals has registered an overwhelming growth of 106 per cent in 2021-22 compared to 2013-14.

The export of chemicals for 2021-22 has hit a record at USD 29,296 million as against USD 14,210 million in 2013-14.

India Chem 2022 is being organised to showcase the government's policy for sustainable growth in the sector and provide a platform for national and international players to interact, exchange knowledge and forge alliances.

The event will also highlight the investment opportunities especially in Petroleum, Chemical and Petrochemical Investment Regions (PCPIRs) and focus on the "Make in India" initiative. PTI MJH RAM