The chemical industry has urged the Government to set up a ₹560-crore Chemical Innovation Fund, besides forming a Council for Innovation, to achieve the full potential of the chemical sector.
Requesting the Government to review the free trade agreements, the CII National Committee on Chemicals said, such pacts signed with various countries has not resulted in any benefit to India, while other countries have gained more.
Nadir Godrej, Chairman, CII National Committee on Chemicals and Managing Director, Godrej Industries, said the Government should ensure availability of key feedstock at competitive prices to the speciality chemicals industry.
The Government should expedite swift implementation of GST (goods and services tax) to lower transaction costs and avoid cascading of taxes, he said, adding that States must also be involved in policy formulation.
On the issue of skill development, CII said the country would need over 14,000 highly skilled chemical engineers within the next decade to join the specialty chemical industry alone.
To meet this growing demand, the Government should set up vocational training institutes and industrial training institutes across the country.