Verma says Govt aims to provide secure and reliable industrial ecosystem in the world
Minister of State for Chemicals and Fertilizers Bhagwanth Khuba has called for focus on chemical sustainability, pointing out that the industry is poised to grow to US$300 billion in value by 2025 from US$215 billion currently.
It is crucial that this growth is accompanied by an unwavering commitment to sustainable development, he said at an industry conclave held on 2 Nov 2023.
“While the government has commendably taken steps to reduce our reliance on imports, enhance infrastructure, and improve the business environment, it is imperative that we infuse a strong focus on chemical sustainability into this narrative of growth,” he underlined.
The Chemical and Petrochemical Industry holds a pivotal position in the economy serving as a backbone for numerous sectors offering a diverse range of over 80,000 commercial products.
Department of Chemicals and Petrochemicals Secretary Nivedita Shukla Verma informed the two-day conclave, “Our department is actively engaged in the promotion of the chemicals industry and enhancing the ease of doing business whenever required.
“As we aim to provide a secure and reliable industrial ecosystem in the world, the chemical sector in India holds immense potential for expansion.
“With its natural advantages, India is an attractive place for investment and this is borne out by the fact that about 90% of the growth has been recorded in FDI in the chemical sector in 2021-22.”
The Department of Chemicals and Petrochemicals and Indian Chemical Council (ICC) organized the conclave, themed: “Integrating Sustainability & Business Strategy for the Chemical Industry- Addressing Challenges and Opportunities”.
This is a major initiative of the Indian Chemical Industry for encouraging sustainability in the management of the entire life cycle of chemicals. Environment Resource Management (ERM), a globally renowned entity in the sector, is the Knowledge Partner for the Conclave.
ICC Sustainability Conclave holds immense significance in light of India’s international commitments to address climate change, decrease carbon footprints, increase renewable energy utilization, and encourage sustainable corporate practices.
Indian and global stalwarts discussed trending issues and opportunities at the conclave. The discussions included ESG strategies, de-carbonization, net-zero transition, digital transformation, green growth, cleaner energy, safety promotion, and product stewardship beyond regulations. Fiinews.com
