Bhubaneswar: Odisha, with its skilled manpower and strategic coastal location, is poised to become a major hub for chemicals and petrochemicals, offering vast opportunities for manufacturing, employment, and exports.
Union Minister of State for Chemicals and Fertilizers Anupriya Patel said this while addressing an Industry meet on ‘India Chem 2024’ here today.
The Department of Chemicals and Petrochemicals, under the Ministry of Chemicals and Fertilizers, Government of India, in partnership with FICCI, organized the event.
‘India Chem 2024’is the13th Biennial International Exhibition and Conference, themed “Advanced India: Indian Chemicals and Petrochemicals Paving the Future,” has been scheduled to take place in Mumbai from October 17-19, 2024.
In her address, Patel highlighted the pivotal roles of Gujarat, Odisha, and Andhra Pradesh in the chemicals and petrochemicals sector. “IndiaChem 2024”, returning after a two-year hiatus, is expected to attract significant global participation, she stated.
The sector, currently valued at USD 220 billion, is projected to surpass $1 trillion by 2047. The government’s focus on boosting intra-country manufacturing and reducing import dependence will further propel this growth, the Union Minister said.
State Industries Minister Sampad Chandra Swain said about the transformative impact of the State’s industrial policies and incentives on the petrochemicals sector.
He highlighted the improvements in infrastructure, port systems, and electricity tariffs, as well as the state’s commitment to develop skilled manpower to meet industry demands.
Swain underscored the state’s dedication to investing in green technologies to reduce carbon footprints and achieve net-zero targets.
Nivedita Shukla Verma, Secretary, Ministry of Chemicals and Fertilizers, elaborated on the significance of the petroleum sector, which contributes 8% to the nation’s manufacturing and 3% to global sales.
The sector, currently estimated at $320 billion, is one of the fastest-growing markets worldwide, with expectations to reach $1 trillion by 2047. The government is actively working to enhance the sector’s contribution to building a developed India and aims to double petrochemical exports within the next decade, she said.
Deepankar Aron, Joint Secretary, Ministry of Chemicals and Fertilizers, provided insights into IndiaChem 2024, which will feature over 200 companies and attract more than 7,000 visitors.
The event will include B2B and B2G meetings, a Global CEO Forum, and roundtable discussions with representatives from countries like Japan, Korea, Brazil, Argentina, and the UAE. Notably, over 40 organizations and industry associations from Odisha will participate, and a job fair will be organized for the first time, he informed.
Chief Secretary Manoj Ahuja highlighted the state’s expansion efforts in ports such as Paradip, Gopalpur, and Dhamra, along with the development of national highways and roads.
He reaffirmed the State’s focus on improving ease of doing business and attracting investments, particularly in the petrochemicals sector, where Indian Oil has already established plastic parks.
Arvindar Singh Sawhney, Co-Chairman of the National Petrochemicals Committee of FICCI, emphasized the vast opportunities in the petrochemicals sector, urging stakeholders to seize the moment as India’s economy rapidly grows. He noted that while India is largely dependent on petrochemical imports, there is significant demand and readiness from banks to fund projects in this sector. Sahni pointed out Odisha’s prepared infrastructure and significant investments in Paradip, with more anticipated in the near future.
The India Chem 2024 Summit, to be held at the Bombay Exhibition Centre, Mumbai, will feature companies from chemicals, petrochemicals, technology, process plant machines, and control and automation systems. The Government of India plans to expand its petroleum and petrochemicals investment zone policy during the summit. Applications for the FICCI Chemicals and Petrochemicals Awards 2024 are now open, with selections to be submitted by 20 September, 2024.