Dr Mansukh Mandaviya, Union Minister of Health & Family Welfare and Chemicals & Fertilizers, Govt of India on February 25 said that the Indian chemicals and petrochemicals industry will play a key role in achieving the $5 trillion target under the Atamanirbhar Bharat vision. “In this era of globalization, we will have to import and export but Atamanirbhar Bharat means the critical requirements of India should be developed in India only. The basic material for over 80,000 industries is provided by the chemicals and petrochemicals sector,” he added.
Dr Mandaviya was addressing ‘Industry Connect 2022 – Industry and Academia Synergy’, organised by CIPET in association with FICCI. Dr Mandaviya stressed on the need to reduce the logistics cost and noted the average global logistics cost of GDP is around 9 per cent and India it is 14 per cent of GDP. “To overcome this, the government adopted a holistic approach and Gati Shakti plan was initiated. The vision should be clear and long-term. We need to work together to connect all our resources and find ways that how can we reduce the logistics cost,” he added.
He further said that the result of holistic approach adoption is that when the global economy is down, the global rating agencies predict that in the current and next financial year, Indian economy is likely to grow 7-8 percent and 8-9 percent. “I believe that by recognizing our strengths, we have to move forward,” he said.
Dr Mandaviya said that the government introduced PLI scheme in various sector and we are also working to bring PLI for chemicals sector.
Bhagwanth Khuba, Minister of State, Ministry of Chemicals & Fertilizers & MNRE, Govt of India said that India has shown its strength to the world and today it is exporting ventilators, masks, PPE Kits etc to the world. He also stated that CIPET is not only an academic institution but also an industry supporting organization. “The petrochemicals sector has around Rs 8 lakh crore investment opportunities and for this the government is working on framing industry friendly policies which will address the concerns of the industry as well,” he added.
Prabh Das, Chairman, FICCI Petrochemicals Committee and MD & CEO, HPCL-Mittal Energy Limited said that industry needs to adopt more of digitization and stay ahead of the curve. Focussed attention on this will certainly increase the efficiency and productivity in companies,” he added.