The minister was addressing a conference organised jointly by the Department of Chemicals & Petrochemicals and industry body FICCI.
“The Modi government is pro-poor, pro farmers but industries friendly government. We know that there is a need for industrial development if the country has to progress. Without industrial development, country really cannot progress,” Mandaviya said.
He said the Modi-government’s policy has been of respecting and encouraging wealth creators, who are growth partners in the country’s development.
Highlighting the importance of this sector, he said chemical and petrochemical products have become part of our life.
“There is currently huge opportunity in the sector. Industry need to encash it,” the minister said, adding that the conferences like these give platform for discussions about the growth of the sector.
He said industry players should discuss and conduct research to find out what policy reforms are needed for the growth of this sector. The findings of the report should be presented to the ministry.
“If we have to bring policy and do reforms, then we have to do it for industries. We are not who frame policy sitting in the government offices,” Mandaviya said.
“We will bring only such policies which are required by the industry. The policies which can support chemicals and petrochemical industries. We want to bring reform which can support domestic industry, attract investors and promote Make in India,” he said.
The minister said the industry should manufacture not only for the domestic market but also for the world market.
“We have the potential. We have the manpower and brandpower,” he said, and gave an example of indigenous development of vaccines for coronavirus disease in a very short span of time.
To make India best investment destination, Mandaviya said the government has brought many policy reforms in the last seven years.
He highlighted that the government has announced Rs 2 lakh crore PLI (production linked incentive) scheme to support various sectors of the economy and make India a manufacturing hub by making industry competitive.
“The World wants to partner with India and Indian companies. They want to invest in India,” he said.
Mandaviya also emphasised on making this sector “environment-friendly” by minimizing the hazardous chemicals. He said there is a need to develop zero-pollution technologies in the sector.
He said the pollution has to be kept in mind while chalking out plans for the development of this sector.
Stressing on the need of R&D to find solution for pollution, Mandaviya said the government is also ready to support in this area.
Bhagwanth Khuba, the Minister of State for Chemicals and Fertilisers, also talked about the huge growth potential of this sector.
According to the industry estimates, the market size of chemicals and petrochemicals sector in India is around USD 165 billion and the size is expected to grow up to USD 300 billion by 2025.