Introduction:

Indian chemical and petrochemical sectors are reaching new heights mainly due to key initiatives such as India Chem 2021 and the upcoming FutureChem Gujarat Summit in Bharuch. These events showcase India’s vision and efforts for sustainable growth, global collaborations and cutting-edge technology in chemicals and petrochemicals. Given that Gujarat is known as the petrochemical capital of India, these summits are catalysts for investments and innovation in a rapidly expanding industry. Thus we have explored the highlights of them in the article. Let’s begin.

Highlights of 11th edition of India Chem 2021: A step towards Global Chemical leadership

The 11th edition of India Chem 2021, held in New Delhi emphasized the growth of Indian manufacturing hubs for chemicals and petrochemicals to extend globally. Union minister D.V. Sadananda Gowda also pressed on the sectors’ vital role in achieving the vision of Atmanirbhar Bharat (self-reliant India).

He also mentioned that the sector is expected to attract investments of about INR 8 lakh crore by 2025, benefitting from policies such as Production Linked Incentive (PLI) schemes for 12 sectors. Furthermore, the support to the industry and import duties on Naphtha were reduced from 4% to 2.5% in the 2021-22 budget. The investment opportunity is due to the reflection of the tremendous growth in the industry. The sector was valued at $178 billion in 2019 and is expected to reach $308 billion by 2025 with an annual growth rate of 9.3%.

The secretary of the Department of Chemicals and Petrochemicals, Yogendra Tripathi mentioned that India is becoming one of the world’s fastest-growing economies and the vision is clear to become a leading hub for chemicals and petrochemicals production hub.

Mr. Gowda highlighted how the Production Linked Incentive (PLI) schemes across 12 sectors would boost the chemical industry directly and indirectly.

FutureChem Gujarat Summit in Bharuch: shaping the future of chemicals and petrochemicals.

Gujarat plays a key role in India’s chemical sector which produces about 35% of the nation’s chemicals and accounted for about 47% of the state’s exports over the last three years.

As a part of the lead-up to the Vibrant Gujarat Global Summit 2024, the FutureChem Gujarat Summit will be held in Bharuch. The summit will focus on the future of the chemical and petrochemical industries.

The summit will explore key topics like sustainable growth, new technologies, investment opportunities worth INR 34,773 crores and global partnerships.

Key highlights of the summit:
 

Overall, The Indian chemicals and petrochemicals industry continues to see rapid growth reinforced by the government’s commitment to making the country a global manufacturing hub in the sector.

Take away:

Both the India Chem 2021 and FutureChem Gujarat Summit highlight the country’s rising prominence in the global chemical and petrochemical industries. While India Chem 2021 set the tone with its vision of India as a global manufacturing hub FutureChem Gujarat Summit reinforces Gujarat’s leadership as a key player driving the transformation. Therefore, both events underscore India’s focus on sustainability, innovation and economic growth in the chemical sector.