India Targets USD 1 Trillion Chemicals Sector By 2040: J P Nadda

New Delhi, Aug 25 (KNN) Union Chemicals and Fertilizers Minister J P Nadda has called for expanding India's chemicals sector to USD 1 trillion by 2040, with the government focusing on an enabling ecosystem to attract investment and strengthen domestic manufacturing capabilities.

Nadda chaired a CEO roundtable on Monday to discuss the country's vision for a USD 1 trillion chemicals sector by 2040. The event was organised by the Department of Chemicals and Petrochemicals under the Ministry of Chemicals and Fertilizers in partnership with Invest India.

The minister said achieving the target would require sustained investment, technology development and stronger domestic manufacturing capabilities, reported PTI.

He also emphasised the need for a continuous and institutionalised dialogue between the government and industry to identify bottlenecks and translate recommendations into time-bound action.

Nadda said the government is working to create an enabling environment for investment, innovation, sustainability and long-term growth, and assured industry representatives that their concerns would be taken up with the concerned ministries.

Industry Seeks Investment And Trade Support

The roundtable brought together more than 100 representatives from the global chemicals industry, including executives from BASF, Tronox, ExxonMobil, Fujifilm, Lubrizol, Dow Chemicals, UPL, Reliance, DCM Shriram, HMEL, SABIC and Haldia Petrochemicals.

Industry representatives called for financing and investment-support mechanisms to facilitate large-scale and capital-intensive upstream projects.

They also sought trade remedial measures to ensure a level playing field and protect domestic producers from unfair trade practices, along with greater support for research and development, innovation and technology adoption.

Tax Incentives, Sovereign Fund Proposed

Industry leaders recommended special tax incentives to attract global talent, citing measures adopted by countries including China, Japan and the UK.

They also proposed establishing a sovereign fund to support technology acquisition, drawing on models in South Korea and the US.

Other recommendations included time-bound single-window clearances for chemical and petrochemical projects and a comprehensive national feedstock policy to reduce exposure to geopolitical risks and global supply-chain disruptions.

(KNN Bureau)