JP Nadda and Anupriya Patel Discuss Future of India’s Chemical Industry at India Chem 2024 Launch
New Delhi, India – On July 20, Union Minister for Chemicals and Fertilizers JP Nadda emphasized the importance of the petrochemicals and chemical sector in achieving Prime Minister Narendra Modi’s vision of a USD 5 trillion economy by 2025. Speaking at the launch of the 13th edition of India Chem, themed “Advantage Bharat: Indian Chemicals and Petrochemicals Paving the Future,” Nadda announced the government’s commitment to policy and program interventions to support the industry’s growth.
Nadda stated, “As Prime Minister Modi desires that we have to become a USD 5 trillion economy, we have to align our programs and policies accordingly to see to it that the petrochemical industry, chemical industry also go in the same way and align itself so that we all together contribute to achieving that five trillion economy goal.”
The Indian chemical industry, valued at USD 220 billion, is projected to reach USD 300 billion by 2025 and USD 1 trillion by 2040. The sector contributes 5.9% to India’s GDP and accounts for 7% of its overall exports, making India a key global player, ranking sixth in the world and fourth in Asia in terms of chemical market size.
Union Minister of State for Chemicals and Fertilizers, Anupriya Patel, also addressed the event, highlighting the sector’s importance to India’s economic growth. She stated, “This sector is very important, very vital for the overall economic growth of the country. It’s like a backbone that supports many other industries like textiles, automobiles, agriculture.”
Patel emphasized the government’s focus on investment-friendly reforms, reducing compliance burdens, rationalizing tax structures, implementing FDI policy reforms, and boosting domestic manufacturing. She also urged the industry to adopt sustainable practices, green chemistry principles, and circular economy principles.
India Chem 2024, scheduled for October 17-19 in Mumbai, is set to be one of the largest composite events in the Asia-Pacific, featuring an International Exhibition and Conference.
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JP Nadda -: JP Nadda is an Indian politician who is currently serving as the President of the Bharatiya Janata Party (BJP). He has also held various ministerial positions in the Indian government.
Anupriya Patel -: Anupriya Patel is an Indian politician and the Minister of State for Commerce and Industry. She is also a member of the Lok Sabha, the lower house of India’s Parliament.
India Chem 2024 -: India Chem 2024 is a big event where people from the chemical industry come together to discuss and showcase new ideas and products. It will be held in Mumbai from October 17-19, 2024.
USD 5 trillion economy goal -: This is a target set by the Indian government to make the country’s economy worth 5 trillion US dollars by the year 2025. It means making the economy much bigger and stronger.
chemical and petrochemical sector -: This sector includes industries that make chemicals and products from oil and natural gas. These products are used in many things like medicines, plastics, and fuels.
policy reforms -: Policy reforms are changes made by the government to improve rules and laws. These changes help industries grow and work better.
sustainability -: Sustainability means using resources in a way that does not harm the environment and can be continued for a long time. It is about being careful with how we use things like water, energy, and materials.
USD 220 billion -: This is the current value of the Indian chemical industry. It means the total worth of all the products and services made by this industry is 220 billion US dollars.
USD 300 billion by 2025 -: This is a future target for the Indian chemical industry. It means the industry aims to grow and be worth 300 billion US dollars by the year 2025.
USD 1 trillion by 2040 -: This is a long-term goal for the Indian chemical industry. It means the industry wants to grow even more and be worth 1 trillion US dollars by the year 2040.
Mumbai -: Mumbai is a big city in India, known for being the financial and entertainment capital of the country. It is located on the west coast of India.