The Indian Chemical & Petrochemical Industry has been witnessing robust progression over the years, owing to the extraordinary role it plays in shaping the working mechanisms for all other industries such as agriculture, construction, automobiles, furniture, pharmaceuticals, textiles, paper and paint, electronics, appliances, and services. It is a major contributor to the Indian economy, covering more than 80,000 products ranging from salt to satellite. The industry comprises of 13.38% of manufacturing GVA and 2.39% of National GVA which employs about 2 million people.
Strong economic growth, world’s second largest population, accelerating urbanization and heavy increase in industrial demand are the major drivers of such dynamic growth for Indian Chemical & Petrochemical Industry which is currently undergoing rapid expansion. The industry is expected to grow at a healthy CAGR of 9.3% from 163 Billion to USD 304 Billion market by 2025, making it indispensable to celebrate its journey, and highlight the important role it can play in the growth of Indian economy.
The objective of the Summit on Global Chemicals & Petrochemicals Manufacturing Hubs in India is to highlight the immense potential of Indian Chemical & Petrochemical Industry to become a global leader in petrochemicals, if equipped with better infrastructure, higher foreign investments and larger personnel. The summit is a platform for the industry to raise its interests, concerns and challenges at a global forum.
Organised by the Ministry of Chemicals and Fertilizers, Government of India in association with Federation of Indian Chamber of Commerce and Industry (FICCI), the summit aims to identify newly developing growth regions and understand how the Indian Petroleum, Chemicals and Petrochemicals Investment Regions (PCPIRs) can emerge and establish itself as world’s next manufacturing hub.
The summit will comprise of various sessions on investment opportunities, policy advocacy, infrastructure facilities, feedstock, downstream industry, sustainable solutions, R&D and skill development among others.
As India remains one of the most attractive investment regions for foreign companies with consistent investment of more than USD 40 Billion for the last three years, the Government of India envisages the development of Global Scale Industrial Corridors in the Petroleum, Chemical and Petrochemical sectors of the country in an integrated and environmentally friendly manner.
Aimed at achieving synergies of value-added manufacturing, research and development, PCPIRs intend to reap the benefits of co-sitting, networking and greater efficiency using common infrastructure and support services. The consequent establishment of high-class infrastructure is targeted at promoting competitive environment conducive to setting up new business units and providing a boost to manufacturing, exports and employment generation in the targeted sectors. Despite the benefits extended under the PCPIR Policy over the past decade, except for Dahej PCPIR, all other PCPIRs have not been able to attract desired investments. The Summit on Global Chemicals & Petrochemicals Manufacturing Hubs in India will address the pertinent issues related to each PCPIR, suggest policy reforms that can drive foreign investments, and make Indian Chemical & Petrochemical Industry the hub for both domestic and international markets.