Chemical, petrochemical industry crucial for India’s economy: Goyal

New Delhi: Commerce and industry Piyush Goyal has said that the chemical and petrochemical industry plays a crucial role in India’s economic progress and is expected to continue being a key driver of growth.

While addressing the session on ‘FTAs – Connecting the world- Vasudhaiva Kutumbakam- One Earth, One Family, One Future’ at the 3rd Edition Summit on ‘India: Global Chemicals and Petrochemicals Manufacturing Hubs’ (GCPMH 2023), Goyal lauded the contribution of the chemical and petrochemical industry to India’s economy, innovation ecosystem and employment generation.

The minister said that free trade agreements (FTAs) play an important role in enhancing exports and encourage the growth of multiple sectors collectively. He said that GCPMH 2023 Summit acts as a forum to explore the ways in which FTAs can facilitate trade, investment and collaboration in the chemicals and petrochemicals industry.

Goyal lauded GCPMH 2023 for providing a platform for industry leaders, policymakers, and experts to discuss and exchange ideas on leveraging FTAs to enhance the competitiveness and sustainability of this vital sector.

He said that FTAs can help in attracting foreign investment into India’s chemical and petrochemical industries. The minister highlighted that this would lead to creation of new jobs and development of new infrastructure strengthening the industry’s ability to connect with the world.

Goyal highlighted the importance of sustainability in goal towards becoming a developed nation. He also mentioned how important it is for the present generation to create a sustainable India for the future generation.

He said that sharing best practices, and fostering collaboration will undoubtedly pave the way for a more sustainable and prosperous future in the chemical and petrochemical industries.