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India Eyes $1 Trillion Chemical Sector by 2040
25 Aug
Summary
- Government aims to boost India's chemical sector to $1 trillion by 2040.
- Industry leaders requested financing, tax breaks, and faster project clearances.
- The sector requires sustained investment, technology, and enhanced manufacturing.
India's chemical sector is targeted for substantial growth, with a vision to reach USD 1 trillion by 2040. Minister J P Nadda highlighted the government's commitment to fostering an environment conducive to investment and innovation.
The Union Minister emphasized the need for sustained investment, technological advancement, and strengthened domestic manufacturing. He assured industry representatives that their concerns would be addressed through continuous dialogue with relevant ministries.
Industry leaders, including representatives from global giants, called for crucial support mechanisms. These include facilitated financing for capital-intensive projects and protective trade measures against unfair practices.
Further industry recommendations involved tax incentives to attract foreign talent, a sovereign fund for technology acquisition, and swift single-window clearances for new projects.
