New Delhi [India], September 20 (ANI): Chemicals and petrochemicals sector can transform India into a global manufacturing hub in sync with Prime Minister Narendra Modi's vision of 'Make in India, Make for the World', Union Minister Mansukh Mandaviya said on Tuesday.
Addressing the third meeting of the Chemicals and Petrochemicals Advisory Forum here, Mandaviya said that the Indian chemical and petrochemical industry has substantial potential to play a significant role in boosting the nation's growth.
"India needs to create its own model to lead the global market in chemicals and fertilisers", he stressed.
He urged the companies and the advisory forum to create a "futuristic strategy which would be in sync with the global demands and the emerging requirements of aligned industries".
"India has the capacity to rise to the challenge. What is needed is a strategy which is focussed on outcomes," he said.
"Let us create our own model of decision-making which is consultative and multi-pronged, while identifying actionable points to take India to the height of meeting its own domestic demand and the global one too," he added.
The Union Chemicals and Fertilizers and Health Minister also urged the industry and academia to partner in research and development which addresses the domestic requirements in the sector.
"We could have targeted R&D to meet the challenges and requirements of niche sectors such as MSME for chemicals," he noted.
Addressing the event, MoS Chemical and Fertilizers Bhagwanth Khuba highlighted the industry-friendly policies of the government and various initiatives taken for ease-of-doing business in the country.
Noting that India is a rising economy, he said that the Indian chemical and petrochemical industries have huge potential and a significant role in boosting the nation's growth.
The prospective plan on petrochemicals presented by the Advisory Forum was discussed and report on "Understanding Industry Landscape" was also released.
An Advisory Forum for Chemicals and Petrochemical sector had been constituted on July 10, 2019 to identify impediments affecting the growth of the chemical and petrochemical sector in the country and to facilitate industry growth through policy interventions.
The role of the Advisory Forum is to provide a platform to the industry associations for raising issues which may be resolved in coordination with other ministries.
It also offers an opportunity to stakeholders to provide their inputs for framing policies and taking new initiatives for making the country "Atmanirbhar" in the sector.
The 'Advisory Forum' has industry associations, academic institutions, CSIR laboratories, PSUs and representatives of the States as members. The Forum functions under the chairmanship of Union Minister of Chemicals and Fertilizers. (ANI)