Chemical sector has huge growth potential in India, says Union Minister D V Sadananda Gowda

Chemicals & Fertilizers Minister D V Sadananda Gowda on Wednesday said that the Indian chemical and petrochemical industry has huge potential to play a significant role by 2025 and the sector could alone contribute $300 billion to the GDP as compared to $160 billion at present.

Addressing a webinar on "Specialty Chemicals" organised by the Department of Chemicals & Petrochemicals, the minister said that specialty chemicals was one of the areas where the huge potential for growth lies.

The past couple of decades have seen a significant shift in the manufacturing of chemicals, particularly the specialty chemicals, from EU and North America to Asia, Gowda said.

The minister said it is a good time to invest in India when the government is focussing on self-sufficiency in domestic production.

Gowda said India is looking forward to incentivising manufacturers, through Production-Linked Incentives (PLIs) and development of infrastructure facilities, to set up the entire value chain of drug production in the upcoming three bulk drug parks.