JP Nadda Emphasizes Petrochemical Sector's Role in Achieving $5 Trillion Economy

Union Minister JP Nadda reaffirmed the petrochemicals and chemical sector's significance in fulfilling the vision of a $5 trillion economy by 2025. During the India Chem 2024 launch, he announced government initiatives to support the industry through policy interventions, R&D, and training, while stressing sustainability and collaboration.

Union Minister for Chemicals and Fertilizers, JP Nadda, reiterated the critical importance of the petrochemical and chemical sectors in achieving Prime Minister Narendra Modi's vision of a USD 5 trillion economy by 2025. Speaking at the launch of the 13th India Chem conference, themed 'Advantage Bharat: Indian Chemicals and Petrochemicals Paving the Future,' Nadda announced government readiness to introduce significant policy interventions to mitigate industry challenges and stimulate growth.

'As Prime Minister Modi desires, we have to become a USD 5 trillion economy. We must align our programs and policies to ensure the petrochemical and chemical sectors contribute significantly to this goal,' Nadda stated. He emphasized the government's commitment to industry growth through structural reforms aimed at bolstering the chemical sector, which is considered a top priority.

Nadda highlighted areas requiring focused efforts such as imports, research and development, and manpower training, urging stakeholders to collaborate in driving sectoral growth. Currently valued at USD 220 billion, India's chemical industry is projected to reach USD 300 billion by 2025 and an impressive USD 1 trillion by 2040. The sector, contributing 5.9% to the GDP and 7% to exports, ranks India as the sixth-largest global chemical market.

Nadda said the 2024 India Chem event, set for October 17-19 in Mumbai, will catalyze further policy measures necessary for sector advancement. Union Minister Anupriya Patel echoed the sentiment, highlighting the government's commitment to investment-friendly reforms, reducing compliance burdens, and promoting sustainability.

(With inputs from agencies.)