India Govt calls for structural changes in domestic chemical industry

The domestic chemical industry, which is optimistic despite the uncertain global situation amid the pandemic, should bring structural changes taking advantage of the current opportunity, Fertiliser Minister D V Sadananda Gowda said on Tuesday.      

Gowda, addressing a virtual event, said the Indian chemicals industry is expected to reach USD 304 billion by 2025 from USD 178 billion in 2019. The demand for chemicals is expected to expand by nine per cent per annum by 2025.      

Achieving the industry's ambitious growth targets will require a combination of policy intervention, company-level initiatives, industry-academic partnerships, wise investments, and greater international access, he said in a statement.      

The minister, further said, the domestic industry is feeling much more confident and optimistic in spite of an uncertain global situation and COVID-19 pandemic.      

Asserting that the chemicals and petrochemical sector will play an important role in achieving the goal of USD 5 trillion economy, the minister urged Indian companies and chemical industries to take advantage of this opportunity and bring about structural changes in the chemical industry.

The minister also hoped that the United Nations Industrial Development Organization (UNIDO) will support domestic industry with international best practices and policy and technical assistance.

He was speaking at an event organised by UNIDO under ''Clean Manufacturing in India'' (Swachh Udyog) and National Dialogue on ''Excellence and Innovation for Competitive and Sustainable Chemicals Manufacturing in India''.        

Chemicals and Petrochemicals Secretary Yogendra Tripathi; Indian Chemical Council Director General H S Karangle; HIL India Ltd Chairman and Managing Director S P Mohanty and  Regional Representative of UNIDO in India, Rene Van Berkel were present in the virtual event.      

UNIDO is a specialized agency of the United Nations that promotes industrial development for poverty reduction, inclusive globalization and environmental sustainability.