Economy

Indian chemical sector can emerge as global manufacturing hub: Gowda

Our Bureau New Delhi | Updated on December 15, 2020

Minister for Chemicals and Fertilisers, DV Sadananda Gowda   -  Sushil Kumar Verma

Indian chemical and petrochemical sector has huge potential to emerge as global manufacturing hub, and the government was working on a plan to provide world class infrastructure and logistics for making this happen, said Minister for Chemicals and Fertilisers, D V Sadananda Gowda, said on Tuesday.

Talking at a virtual conference organised by Assocham in connection with its Foundation Week here, Gowda said this could be achieved if the industry and the government worked together. “The sector has great opportunity to leverage on its talent pool and resources to attain a successful position in the world market. India has been increasing its export of chemical products in the recent years, so growth will also be a factor of buoyant exports,” he said.

India’s long-term growth scenario, supported by strong macro fundamentals, bodes well for chemical manufacturing companies. The chemical sector has a network of 200 national laboratories and 1,300 research and development (R&D) centres which provide a strong base to become innovation oriented.

Shifting focus towards R&D would also facilitate growing opportunities which could propel Indian chemical industry to become global manufacturing hub and penetrate global value chain, he added.

“The future of manufacturing sector in India is promising. Our manufacturing base has become mature and can rise up to occasion whenever necessary…. The government has taken several measures to boost competitiveness of the manufacturing sector. As a result of proactive and business friendly approach of the government, India had done extremely well in consecutive ease of doing business reports of the World Bank,” the Minister said.

Published on December 15, 2020

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