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Minister Mr. Nitin Gadkari urged the Chemicals and Petrochemicals Industry to look at ways to promote import substitution 

Inaugurating India Chem 2018, jointly organised by the Department of Chemicals & Petrochemicals, Government of India and Federationof Indian Chambers of Commerce & Industry (FICCI), Mr. Nitin Gadkari, said, “Global investors in the chemical and petrochemical sector have a huge opportunity to invest in India. In the wake of rising crude oil prices, India needs to reduce its dependence on imports and increase exports. India is presently ahead in innovation, entrepreneurship, technology, research and development. There is a huge potential in Indian petrochemical sector, but we need import substitutes, pollution-free, cost-effective and indigenous ways to go ahead”.

The minister added that the Government had taken a decision to increase production of ethanol, which is important for the country. “As this is the time for India to find solutions for import substitutes, the chemical industry must work towards finding the solutions to curb imports of crude oil at rising prices,” said Mr. Gadkari.

The Minister also announced the Government’s plans to start a pilot project in Mumbai, Navi Mumbai, Pune and Guwahati to run electric buses on Methanol derived from coal. He also emphasised to find a policy to encourage the industry to reduce imports.

He further urged the Indian chemical industry to see, if agriculture material can be used to make chemicals, which will be a game changer for the country.

India Chem 2018 is being held from October 04 – 06, 2018 in Mumbai. India Chem 2018, a three-day event, is India’s largest event of chemicals & petrochemicals, which began today in Mumbai at Bombay Exhibition Centre, Goregaon. This 10th biennial edition of India Chem saw a congregation of over 300 leading chemical and petrochemical companies from various countries across the globe.

Mr. Nitin Gadkari, Minister of Road Transport Highways, Ministry of shipping, Ministry of Water Resource, River Development and Ganga Rejuvenation, Government of India, inaugurated the event. Mr. P Raghavendra Rao, Secretary, Chemicals & Petrochemicals, Ministry of Chemicals and Fertilizers, GOI, Mr Yousef Al-Benyan, Vice Chairman and CEO, SABIC, Mr. Nikhil R Meswani, Executive Director, Reliance Industries Ltd., Mr. Deepak C Mehta, Chairman, FICCI Chemical Industry Committee and CMD, Deepak Nitrite Ltd., Mr. Prabh Das, Chairman – FICCI Petrochemicals Industry Committee and MD & CEO, HMEL also attended the session along with many others

Commenting on the opportunities in the sector, Mr. P. Raghavendra Rao, Secretary, Department of Chemicals and Petrochemicals, Government of India, Chemicals and Fertilizers, Government of India said, “It is the right time to invest in Indian chemical and petrochemical industry due to vast opportunities that the sector offer. In the last seven years, production of total major chemicals and petrochemicals has grown 6.2% and the same is projected to grow by 9.3% by FY 2025. There are opportunities in sectors such as specialty chemicals, pharma, biotech.”

Welcoming the gathering Mr. Deepak Mehta, Chairman – FICCI Chemical industry Committee and Chairman and Managing Director of Deepak Nitrite Ltd., said, “As India gains increased traction from major countries, looking at investment in the Indian chemical sector, both driven entrepreneurs and a positive Government needs to put its combined vigour to grow the chemical industry multi-fold in the coming decade”. He further highlighted that with improved infrastructure, road connectivity, coal/piped energy and already being the 7th largest in size, India has achieved the eco-system as formidable player in the chemical market. Mr. Mehta also emphasised on the opportunities for the Indian chemical companies to rapidly grow in size, especially with respect to China.

Mr Yousef Al-Benyan, Vice Chairman and CEO, SABIC said, “India and Saudi Arabia are the nations on the move. This Forum has given an opportunity to forge further relationships in the chemical and petrochemical industry. Saudi Arabia is India’s fourth largest trading partner and trade investments are ever growing. Through SABIC, we are serving a wide spectrum of business in India. With our one of the largest investments anywhere in the world, we have set up our R&D centre in Bangalore, we are exploring to further ties with this remarkable and third largest sector of India”.

 

 

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 India Chem 2018