- The petrochemicals industry will reach $ 1 trillion by 2047
- ‘IndiaChem 2024’ to be held in Mumbai from October 17-19, 2024
Bhubaneswar, September 09, 2024: The Department of Chemicals and Petrochemicals, under the Ministry of Chemicals and Fertilizers, Government of India, in partnership with FICCI, successfully organized the Industry Conference on India Chem 2024: 13th Biennial International Exhibition and Conference in Bhubaneswar. Themed “Advanced India: Indian Chemicals and Petrochemicals Paving the Future,” the conference spotlighted the upcoming IndiaChem 2024 summit, scheduled to take place in Mumbai from October 17-19, 2024.
Minister of State for Health & Family Welfare and Chemicals and Fertilizers, Government of India, Smt. Anupriya Patel, highlighted the pivotal roles of Gujarat, Odisha, and Andhra Pradesh in the chemicals and petrochemicals sector. She noted that IndiaChem 2024, returning after a two-year hiatus, is expected to attract significant global participation. Smt. Patel emphasized that Odisha, with its skilled manpower and strategic coastal location, is poised to become a major hub for chemicals and petrochemicals, offering vast opportunities for manufacturing, employment, and exports. The sector, currently valued at USD 220 billion, is projected to surpass $1 trillion by 2047. The government’s focus on boosting intra-country manufacturing and reducing import dependence will further propel this growth.
Shri Sampad Charan Swain, Minister for Industries, Skill Development and Technical Education, Government of Odisha, discussed the transformative impact of the state’s industrial policies and incentives on the petrochemicals sector. He highlighted the improvements in infrastructure, port systems, and electricity tariffs, as well as the state’s commitment to developing skilled manpower to meet industry demands. Shri Swain underscored the state’s dedication to investing in green technologies to reduce carbon footprints and achieve net-zero targets.
Nivedita Shukla Verma, Secretary, Ministry of Health and Family Welfare and Chemicals and Fertilizers, Government of India, elaborated on the significance of the petroleum sector, which contributes 8% to the nation’s manufacturing and 3% to global sales. The sector, currently estimated at $320 billion, is one of the fastest-growing markets worldwide, with expectations to reach $1 trillion by 2047. The government is actively working to enhance the sector’s contribution to building a developed India and aims to double petrochemical exports within the next decade.
Deepankar Aron, Joint Secretary, Ministry of Health and Family Welfare and Ministry of Chemicals and Fertilizers, Government of India, provided insights into IndiaChem 2024, which will feature over 200 companies and attract more than 7,000 visitors. The event will include B2B and B2G meetings, a Global CEO Forum, and roundtable discussions with representatives from countries like Japan, Korea, Brazil, Argentina, and the UAE. Notably, over 40 organizations and industry associations from Odisha will participate, and a job fair will be organized for the first time.
Chief SecretaryOf Odisha, Manoj Ahuja highlighted the state’s expansion efforts in ports such as Paradip, Gopalpur, and Dhamra, along with the development of national highways and roads. He reaffirmed the state’s focus on improving ease of doing business and attracting investments, particularly in the petrochemicals sector, where Indian Oil has already established plastic parks.
Arvindar Singh Sawhney, Co-Chairman of the National Petrochemicals Committee of FICCI, emphasized the vast opportunities in the petrochemicals sector, urging stakeholders to seize the moment as India’s economy rapidly grows. He noted that while India is largely dependent on petrochemical imports, there is significant demand and readiness from banks to fund projects in this sector. Mr. Sahni pointed out Odisha’s prepared infrastructure and significant investments in Paradip, with more anticipated in the near future.
Mr. Pankaj Satija, Chairman, FICCI Odisha, extended a vote of thanks.
The India Chem 2024 Summit, to be held at the Bombay Exhibition Centre, Mumbai, will feature companies from chemicals, petrochemicals, technology, process plant machines, and control and automation systems. The Government of India plans to expand its petroleum and petrochemicals investment zone policy during the summit. Applications for the FICCI Chemicals and Petrochemicals Awards 2024 are now open, with selections to be submitted by September 20, 2024.
Corporate Comm India (CCI Newswire)
