Mumbai
Union Minister J.P. Nadda emphasized the need for India to cut its dependence on imported feedstocks in the chemical and petrochemical sectors, calling these industries a crucial pillar of the nation’s economy. Speaking at the 13th biennial international exhibition and conference on Friday, India Chem 2024, and Nadda underscored the importance of innovation, sustainability, and self-reliance in achieving the vision of “Viksit Bharat” by 2047.
The conference, organized by the Department of Chemicals and Petrochemicals in collaboration with FICCI, focused on the theme “Advantage BHARAT: Indian Chemicals and Petrochemicals Paving the Future.” Nadda acknowledged the sector’s achievements but highlighted the critical challenge of relying on imported feedstocks. He urged the exploration of alternative feedstocks, including biomass, plastic waste, and green hydrogen, while advocating for the expansion of domestic natural gas and coal sources.
“Our companies are already adopting sustainable practices—recycling, renewable energy, and alternative feedstocks—aligning with global trends,” Nadda remarked, adding that a shift from oil to chemical feedstocks could yield significant opportunities for the industry through enhanced chemical integration, optimized energy use, and the principles of a circular economy.
Currently valued at USD 220 billion, India’s chemical and petrochemical industry is projected to exceed USD 300 billion by 2028 and reach USD 1 trillion by 2040. Nadda mentioned various government initiatives, including Make-in-India and the National Industry Corridor Development program, designed to bolster the industry’s growth.
