India poised to become new destination of petrochemicals globally: Union Minister Mandaviya
May 19, 2023
New Delhi [India], May 19 : Union Minister of Chemicals and Fertliser Mansukh Mandaviya on Friday said that India is poised to become the new destination of petrochemicals globally adding that the world views India as a trusted partner and priority destination for investment.
While presiding over Asia Petrochemical Industry Conference 2023, Union Minister Mandaviya said," India is poised to be the new destination of petrochemicals, globally. Due to our business-friendly policies, the world views India as a trusted partner and priority destination for investment."
The theme of the Asia Petrochemical Industry Conference 2023 was "Ushering in a Sustainable Future".
On the occasion, Mansukh Mandaviya said that the Indian chemical manufacturing industry has become one of the emerging global manufacturing hubs for petrochemicals.
"Indian chemical manufacturing industry has truly been one of the emerging Global Manufacturing Hub for Petrochemicals. Petrochemical product has become part of our daily life. Today, India is promoting ease of doing business as the Indian government is an industry-friendly government by minimising government interference and through various other measures such as reduction to incorporate tax, reduction in compliance burden and policy changes. India is committed to becoming a trusted partner in the world in the global supply chain of chemicals and petrochemicals," he said.
He further emphasized that this is the best time to invest in India.
"India, itself is a big market to invest in. We are making way for free trade agreements with many countries, the ability of Indians to adopt new technologies, and new emerging skilled entrepreneurs can give new energy to every global partner. The government is working effortlessly on policies to attract investment from domestic and foreign sources to address the major issue of the availability of petrochemical," he said.
He also mentioned that India is taking decisions with regard to the present and future with a focus on sustainable development.
"Recently, the government has launched the ambitious Gati Shakti scheme or National Master Plan for multi-modal connectivity plan, with the aim of coordinated planning and execution of infrastructure projects to bring down logistics costs. It is a major scheme where petrochemical products will be used," he said.
"We are focussing on making affordable and improved life-cycle petrochemical products, which will help in reducing carbon footprint. The industries need to follow the path of reclaim, reuse and recycle which will help in sustainable development", he added.
On the occasion, Hardeep Puri, Minister of Housing and Urban Affairs, Petroleum and Natural Gas also highlighted how the new, resilient Atmanirbhar India is making progress in the field of petrochemical industry.
The Asia Petrochemical Industry Conference (APIC) is a petrochemical industry conference with membership from seven partner countries - India, Japan, Korea, Malaysia, Singapore, Taiwan and Thailand.
