Asia Petrochemical Industry Conference 2023
Andalib Akhter / New Delhi
India’s Minister for Chemical and Fertilizers Minister Dr. Mansukh Mandaviya has said his country is emerging as a ‘global manufacturing hub’ and it is the best time to invest in the country especially in the chemicals and petrochemicals sector.
Addressing the Asia Petrochemical Industry Conference 2023 here today, Dr. Mandaviya asked the industry partners to focus on strengthening Brand India by working with the mantra of pro-planet people. He said the government has taken a slew of measures to promote industrial activities in the country which include reduction in corporate tax and compliance burden. He said, these measures have promoted the ease of doing business ecosystem in the country. The Minister lauded the PM Gati Shakti National Master Plan saying that this will give new impetus to seamless connectivity and boost economic growth in the coming years.
Speaking on this occasion, Petroleum and Natural Gas Minister Hardeep Singh Puri said, the country is witnessing an important stride in the petrochemicals sector. He said, India has become the fastest-growing economy in the world and the petrochemicals sector has the ability to transform India as a global manufacturing hub.
Talking on energy availability, affordability and security for all, the Petroleum Minister said, “The market size of the Indian Chemicals and Petrochemicals sector is currently USD 190 Billion. This sector supports the Prime Minister’s initiative of Make in India and Make for the World, as it can transform India into a global manufacturing hub”. “India is not only the sixth largest chemicals producer in the World and the fourth in Asia but also exports Chemicals to more than 175 countries. It accounts for 13% of India’s total exports”, added Puri.