Union Minister for Commerce and Industry Piyush Goyal has emphasized that India’s chemical and petrochemical industry holds immense potential to become a global leader in innovation, sustainability, and advanced manufacturing.
Speaking at the 7th Indian Chemicals and Petrochemicals Conference organized by CII, Goyal highlighted that the sector plays a strategic role across industries — from agriculture and healthcare to infrastructure, energy, and construction — making it one of the core pillars of India’s industrial growth.
“The products and services of this sector are omnipresent, touching nearly every aspect of manufacturing and consumption. This is a sector that has the capacity to define the next wave of industrial transformation,” Goyal said.
Balanced growth through innovation and trade
The Minister underlined that government policies are focused on achieving balanced growth that strengthens domestic industry while enhancing global competitiveness. He urged companies to identify key areas of advantage — such as specialty chemicals, sustainable materials, and green energy integration — to increase India’s share in global exports.
“Our goal should be to move beyond modest contributions and position India among the top exporters globally. The world is investing in innovation-driven growth, and India must lead this shift,” Goyal noted.
He also pointed out that even oil-rich nations are transitioning toward value-added products and clean energy solutions, signaling the need for India’s industry to adapt quickly and invest in technology-driven sustainability.
Trade pacts to expand market reach
Goyal reiterated the government’s consistent efforts to expand India’s trade footprint through Free Trade Agreements (FTAs) with major economies such as the UAE, Australia, the UK, Switzerland, and Mauritius. These agreements, he said, are designed to open up new markets for Indian chemical and petrochemical products while attracting technology partnerships and investment.
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“These collaborations not only create market opportunities but also foster innovation-led growth in sectors that will define the next industrial era,” he said.
A vision for global leadership
Acknowledging the sector’s critical role in India’s long-term economic vision, Goyal called for greater private participation in R&D, circular economy models, and environmentally responsible manufacturing. He stressed that the government’s priority remains clear — to position India as a global hub for chemical innovation, supported by strong domestic demand, skilled talent, and modern infrastructure.
With consistent policy support and rising global demand for sustainable materials, India’s chemical and petrochemical sector stands at the threshold of becoming a major force in the world economy.