Chemical and petrochemical industry in India has emerged as a pivotal driver of economic progress, and its importance is set to continue well into the future, according to Union Minister of Commerce and Industry, Piyush Goyal. Addressing the 3rd Edition Summit on ‘India: Global Chemicals and Petrochemicals Manufacturing Hubs’ (GCPMH 2023) in New Delhi, Goyal lauded the industry’s significant contribution to the nation’s economy, innovation ecosystem, and employment generation.
The summit brought together industry leaders, policymakers, and experts to explore the potential of Free Trade Agreements (FTAs) in bolstering trade, investment, and collaboration in the chemicals and petrochemicals sector. Highlighting the positive role of FTAs in enhancing exports and multiple sectors’ growth, Minister Goyal emphasized that these agreements can attract foreign investment, leading to the creation of new jobs and the development of robust infrastructure.
Speaking at the event, Piyush Goyal underscored the importance of sustainability in India’s journey towards becoming a developed nation. He stressed the need for the present generation to adopt sustainable practices and create an environmentally responsible and prosperous India for future generations. The Minister applauded the industry’s commitment to finding sustainable solutions and encouraged the sharing of best practices and fostering collaboration to secure a sustainable and prosperous future for the chemical and petrochemical sectors.
In his address, Goyal quoted Mahatma Gandhi, reminding the audience of their responsibility as trustees of the planet Earth for the next generation. This call to action urges all stakeholders to work with a sense of duty and commitment, ensuring a better world for the future.
The chemical and petrochemical industry has been a critical component of India’s economic growth story. It has not only contributed significantly to the nation’s GDP but also played a key role in promoting research, innovation, and employment opportunities across various skill levels. With the implementation of strategic FTAs, the industry is poised to expand its global reach, attracting foreign investments and stimulating further growth.
GCPMH 2023 Summit served as a crucial platform for shaping the future of the chemical and petrochemical industries, with sustainability at the core of their growth strategies. As environmental concerns take centre stage, stakeholders’ collective efforts to promote sustainable practices will help ensure a thriving and eco-friendly industry for generations to come.
The summit’s success was attributed to the participation and dedication of all stakeholders who are united in their commitment to building a sustainable, competitive, and future-ready chemical and petrochemical sector in India. The event served as a testament to the industry’s resolve in aligning economic progress with environmental stewardship.
