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Speaking at the Indian Chemicals and Petrochemicals Conference, recently organized by the Confederation of Indian Industry (CII), Commerce and Industry Minister Piyush Goyal highlighted India’s chemical and petrochemical industry as a potential global leader in technology and innovation. He emphasized that this positions the country as a hub for advanced industrial solutions.
Government Policies Supporting Balanced Growth
Goyal underlined that government policies aim to ensure inclusive growth, benefiting all sections of society while strengthening the domestic economy and enhancing India’s global standing. Citing the International Monetary Fund’s recent revision of India’s 2025 growth forecast from 6.4% to 6.6%, he noted that the adjustment reflects the nation’s economic resilience and strong fundamentals.
Innovation and Technology as Drivers of Progress
The Minister stressed that technological advancement and innovation are critical for any advanced nation and that India must embrace the same path to achieve its developmental objectives. He observed that even oil-rich nations are investing heavily in clean energy, value-added products, and climate technologies, signaling a global shift toward innovation-led growth.
Research, Science, and Innovation at the Core of Growth
Highlighting research, science, and innovation as central pillars of India’s growth story, Goyal stated that these elements are key to realizing the vision of Viksit Bharat by 2047. He pointed out that the chemical and petrochemical sector is strategically important across industries such as agriculture, healthcare, construction, energy, and mobility, with its products and processes influencing nearly every aspect of manufacturing and consumption.
Enhancing Global Competitiveness
Goyal encouraged industry stakeholders to leverage their competitive strengths, increase contributions to global exports, and establish leadership in international trade. He also highlighted the importance of building resilient and diversified supply chains, cautioning against overreliance on limited sources.
Strategic Global Integration and Trade Partnerships
The minister reaffirmed India’s strategic approach to global integration, emphasizing that engagement with international markets must balance global competition with domestic protection. Referring to recent free trade agreements with Mauritius, the UAE, Australia, and the UK, he noted that these partnerships aim to expand market access, attract investment, and promote innovation, while safeguarding national priorities.
Collaborative Approach and Government Support
Goyal called on the industry to collaborate across value chains and address challenges such as predatory pricing, dumping, and non-tariff barriers affecting exports. He assured government support for timely interventions and welcomed suggestions for procedural simplification, reduced compliance burdens, and decriminalization of minor offenses to enhance ease of doing business.
Conclusion
As reported by knnindia.co.in, by focusing on innovation, technology, and strategic global engagement, India’s chemical and petrochemical sector is poised to strengthen its domestic foundation while emerging as a global leader in advanced industrial solutions.