Goyal Outlines Vision for India's $1T Chemicals & Petrochemicals Industry
Union Minister of Commerce and Industry Piyush Goyal has addressed the 7th CII Indian Chemicals & Petrochemicals Conference 2025, outlining the government's vision for the industry's growth and its role in various sectors. Goyal reiterated the goal of a $35 trillion economy by 2047, with chemicals and petrochemicals contributing $1 trillion.
Goyal highlighted the industry's significance in sectors such as healthcare, infrastructure, mobility, and energy. He called for increased focus on science, R&D, and innovation to drive India's growth. Goyal urged industry leaders to collaborate internally and strengthen local value chains. He also promised to address non-tariff barriers hindering exports and simplify compliance to boost innovation.
Goyal stressed the importance of trade in enhancing competitiveness and mentioned India's FTAs with markets like the UAE, Australia, and the UK. He cautioned against over-reliance on monopolistic countries for critical supplies and urged businesses to diversify supply chains. In 2025, the Indian government concluded a free trade agreement with the EFTA states, opening up new opportunities for Indian industries in Europe.
Goyal assured the industry of government protection from unfair trade practices and quick trade-remedy mechanisms. He emphasized innovation, competitiveness, and global trade as key to India's leadership in chemicals and petrochemicals, aligning with the government's vision of a $35 trillion economy by 2047.
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