India’s chemical and petrochemical industry has the potential to drive technological innovation and strengthen the country’s global leadership, Union Minister of Commerce and Industry Piyush Goyal said at the seventh Indian Chemicals and Petrochemicals Conference organised by CII.
Addressing industry leaders, Goyal highlighted that government policies aim to ensure balanced economic growth, strengthen domestic capabilities, and position India prominently on the international stage. He pointed to the International Monetary Fund’s recent upward revision of India’s 2025 growth forecast to 6.6 per cent, from an earlier 6.4 per cent, as evidence of the country’s economic resilience and strong fundamentals.
“Great and advanced nations achieve their status through technology and innovation. India must follow this path to attain its developmental goals,” Goyal said, stressing the need for research, development, and innovation as central to achieving the vision of Viksit Bharat by 2047.
The Minister underscored the strategic importance of the chemical and petrochemical sector, which has applications across agriculture, healthcare, infrastructure, construction, energy, and mobility. He urged industry participants to leverage their strengths and identify areas where India can gain a competitive advantage, particularly in international trade. Goyal encouraged expanding India’s global export share while maintaining supply chain resilience and diversification to avoid over-reliance on limited suppliers.
He also emphasised the importance of integrating domestic industries with global markets to achieve efficiency and competitiveness, noting ongoing government efforts to negotiate free trade agreements and expand trade engagement with countries including Mauritius, the UAE, Australia, Liechtenstein, Norway, Iceland, Switzerland, and the United Kingdom. These agreements aim to open markets, attract investment, and promote collaboration in innovation-driven sectors while safeguarding domestic industries.
Goyal called on industry leaders to cooperate across value chains, report predatory pricing or dumping, and suggest reforms to simplify compliance, reduce regulatory burdens, and enhance ease of doing business. He cited improvements in patent and intellectual property rights processes as examples of reforms fostering competitiveness. |
