India has the potential to emerge as a global manufacturing hub in the chemicals and petrochemicals sector, according to chemicals and fertilizer minister DV Sadananda Gowda, who recently said his department is working to support cluster-based development of the sector through provision of world class infrastructure and logistics.

India has been increasing its export of chemical products in the recent years, and therefore, growth will also be a factor of buoyant exports, he told the foundation week conference of the Associated Chambers of Commerce and Industry of India (ASSOCHAM).

“India’s long-term growth scenario, supported by strong macro fundamentals bodes well for chemical manufacturing companies. I am told the chemical sector has a network of 200 national laboratories and 1,300 research and development (R&D) centres, which provide a strong base to become innovation oriented. Shifting focus towards R&D would also facilitate growing opportunities which could propel Indian chemical industry to become global manufacturing hub and penetrate global value chain,” he said.

ASSOCHAM ‘s December 15-19 virtual conference on its foundation week has a central theme ‘India’s resilience: Atmanirbhar roadmap towards $5 trillion economy’, a press release from the chamber said.

Fibre2Fashion News Desk (DS)

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