Delivering the keynote address at the 7th Indian Chemicals and Petrochemicals Conference conducted by CII, Goyal emphasised that the sector’s products and services are omnipresent, directly or indirectly affecting almost every aspect of the manufacturing and consumption ecosystem.
The chemicals and petrochemical industry has the potential to be at the forefront of developing new technologies and making India a leader in providing cutting-edge solutions for the economy and industry, said Union Commerce and Industry Minister Piyush Goyal on Wednesday.
Minister Goyal acknowledged the chemical and petrochemical sector’s significant potential and its strategic role in the nation’s overall development, and noted that the sector has wide-ranging applications and influence across multiple industries, including agriculture, healthcare, infrastructure, construction, energy, and mobility.
Advertisement
Delivering the keynote address at the 7th Indian Chemicals and Petrochemicals Conference conducted by CII, Goyal emphasised that the sector’s products and services are omnipresent, directly or indirectly affecting almost every aspect of the manufacturing and consumption ecosystem.
He urged industry leaders to carefully assess their strengths and identify areas where India can gain a competitive advantage globally, and highlighted the need for the sector to aim for leadership in international trade by increasing India’s share in global exports and moving beyond the current modest contributions.
The Minister also stressed the critical importance of supply chain resilience and diversification, noting that reliance on a single supplier or a limited number of countries could create vulnerabilities.
He pointed out that while certain products may require domestic protection to ensure self-reliance and secure supply chains, the sector must otherwise remain integrated with global markets to achieve efficiency, competitiveness, and sustainable growth.
The Commerce Minister further urged industry participants to work collaboratively, support each other across value chains, and raise concerns regarding predatory pricing, dumping, or non-tariff barriers affecting exports, while assuring that the Ministry would provide timely interventions and remedies to safeguard industry interests.
Goyal also encouraged the industry to suggest simplification of procedures, reduction of compliance burdens, and decriminalisation of minor offences to enhance ease of doing business and promote innovation.
Minister highlighted that the Government’s policies are aimed at ensuring balanced growth that benefits all sections of society, strengthens the domestic economy, and positions India prominently on the global stage.
