'Indian chemical industry can add $300 bn to GDP by 2025'

The Indian chemical industry has a huge role to play with a potential to contribute $300 billion to the GDP by the year 2025, with vision to make India a $5 trillion economy said Union minister of Chemicals and Fertilisers D.V. Sadananda Gowda .

Speaking at the inaugural session and launch of India Chem 2021 at 'Specialty Chem 2020', Gowda said that to become a global centre in speciality chemicals, India must focus on research and development(R&D).

"There is a need to make the R&D ecosystem stronger to come up with enhanced products, aligned with the changing requirement of the industries," he said.

On foreign investment in the chemical industry, he said that the ministry has set up an investment promotion cell in the department for providing one-stop handholding and support for companies willing to invest in India.

"We have had several rounds of discussions on how to make the PCPIR (Petroleum, Chemicals and Petrochemicals Investment Region) more effective and we hope to come up with policies to make the industrial clusters more attractive for investment," said Gowda.

Minister also said that India is finalising plans to increase the number of chemicals to be covered by mandatory certification for the benefit of human lives and society.
The vision of PM Modi for Atmanirbhar Bharat and the right steps in the direction that can help the industry record a massive growth and reduce import dependence on any nation. This major initiative to promote Atmanirbharta in the chemical and petrochemical sector as its development will have a positive effect on allied industries.

(With agency inputs).