New Delhi: India’s chemical and petrochemical industry has the potential to spearhead technological innovation and strengthen the country’s global leadership, said Union Minister of Commerce and Industry, Shri Piyush Goyal, during his keynote address at the 7th Indian Chemicals and Petrochemicals Conference organized by the Confederation of Indian Industry (CII) today.
Shri Goyal highlighted that the Government’s policies are aimed at balanced growth that benefits all sections of society, strengthens domestic industries, and positions India prominently on the global stage. Referring to the International Monetary Fund’s upward revision of India’s growth projection to 6.6% for 2025, he noted this as evidence of the country’s economic resilience and strong fundamentals.
Emphasizing the importance of technology and innovation, the Minister stated that nations achieve greatness by focusing on research, development, and value-added industries. Even oil-rich countries are prioritizing clean energy, renewable solutions, and climate-focused technologies, reflecting the global shift toward innovation-driven growth. Shri Goyal urged India’s chemical and petrochemical sector to adopt this path to achieve Viksit Bharat by 2047.
The Minister noted the sector’s wide-ranging applications across agriculture, healthcare, infrastructure, construction, energy, and mobility, stressing its omnipresence in the manufacturing and consumption ecosystem. He encouraged industry leaders to identify areas of global competitive advantage, increase India’s share in international trade, and strengthen supply chain resilience by avoiding over-reliance on single suppliers or regions.
Shri Goyal emphasized India’s approach to global economic integration while protecting domestic industries, citing ongoing free trade agreements with Mauritius, the UAE, Australia, Liechtenstein, Norway, Iceland, Switzerland, and the United Kingdom. He highlighted that these agreements aim to open markets for Indian products, attract investment, and encourage innovation-driven collaboration, while ensuring domestic industries remain competitive.
Addressing industry collaboration, Shri Goyal urged stakeholders to support each other across value chains, address predatory pricing and dumping, and provide input for simplifying procedures, reducing compliance burdens, and modernizing intellectual property processes. He emphasized that government interventions will continue to safeguard industry interests and promote ease of doing business.
Concluding his address, Shri Goyal reaffirmed the Government’s commitment to sustainable, inclusive growth, stating that under the visionary leadership of Prime Minister Narendra Modi, India is steadily progressing toward achieving its developmental goals and realizing the long-term vision of Viksit Bharat by 2047.