Industry should focus on sustainability and decarbonisation to make Chemicals and Petrochemicals industry a global powerhouse by 2047 ~ Leaders at 4th Edition of CII Chemical Conference
CHANDIGARH, 7 DEC: The Indian Chemical industry has seen significant growth over the last decade owing to strong participation from the industry as well as initiatives from the government. The industry is preparing for transitioning to the future with renewed energy and a global outlook, focusing on higher value generation. To establish the potential of the chemicals industry and discuss the current scenario, CII organised the 4th edition of its Chemical Conference today.
Focusing on the available opportunities, the Guest of Honour at the occasion, Shri Susanta Kumar Purohit, Joint Secretary (Chemicals), Department of Chemicals and Petro-Chemicals said, “Manufacturing in India is poised to be a major growth pillar for achieving the USD 5 Trillion vision. While India possesses major advantages for the Chemicals industry such as high-quality infrastructure (industrial corridors, industrial parks, National Infrastructure Pipeline), robust investment policies, PLI schemes in 14 sectors, Industrial Licensing for hazardous chemicals, and a competitive resource personnel pool, we have to work towards achieving sustainable chemistry. The industry and government need to collectively work to reduce emissions, & plastic waste and use renewable raw materials such as agricultural & bio waste more to make the processes more environmentally friendly.”
An Industry Facilitation Cell has been set up in the Department of Chemicals and Petro-Chemicals and Shri Purohit urged the industry to log issues with the cell so that they may be taken to their logical conclusion.
Giving his address, Mr Duraiswami Narain, Conference Chairman and President, South Asia, and Global Head of Smallholder Farming Bayer CropScience Limited said, “The Indian chemical industry holds tremendous growth potential, with market size expected to reach 383 billion by 2030 growing at 8% CAGR. There is a need to have an eco-system for industrial development – India must achieve three major milestones for building competitiveness – safety & sustainability, making a mark in the global trade, and R&D, innovation & digitalization– to make the Chemicals and Petrochemicals industry a global powerhouse by 2047.”
He further shared three critical areas that the industry and government need to collectively work on to capitalise on present market opportunities for becoming a global manufacturing hub for chemicals including agro-chemicals – first, making India a preferred investment destination for global manufacturing, second, making India a partner of choice for global manufacturers for a conducive global supply chain, and third, focusing on how these our manufacturers could set up in other countries or scale up their operations domestically.
The opportunities are knocking on the door as the US is likely to slap investment and export sanctions against more Chinese chemical companies. This will result in a shift for chemical majors to explore reliable alternatives such as India.
Sharing his thoughts on this, Mr Suresh Kalra, Conference Co-Chair and Managing Director India & President Asia Region, Hurber Group said, “Indian chemical industry will have to experience increased capital expenditure and focus on sustainability and decarbonisation. This becomes more necessary as the US and European Union are speeding up sustainability for the chemical industry and Indian chemical companies will have to align themselves with the sustainability goals.”
The Conference’s inaugural session was followed by three panel discussions that focused on the growth of the chemical industry, value creation in speciality chemicals, and the role of digitalisation, technology, & decarbonisation in the chemicals industry respective.