Indian minister urges petrochem industry to adopt pro-planet approach

Dr. Mandaviya urged the industry to focus on strengthening “Brand India” by working with the mantra of “Pro Planet People” and taking the lead for reclaim, reuse and recycle. He said that the petrochemical industry is performing well and highlighted the growth path for the same. He urged the industry to invest in research and development. Stating that the government alone cannot take the responsibility for environment protection, he said the industry should take an innovative approach.

Inviting domestic and foreign direct investment in the industry, he said India is emerging as a supply hub and the government is providing conducive environment for industrial development. “The investors can get big market in India itself as it has large population and vast middle-class section.” He said the government has brough Production Linked Incentive (PLI) scheme for chemical industry. He also mentioned Gati Shakti as another government’s initiative for industrial development.

Hardeep Singh Puri, minister of petroleum and natural gas, addressed the conference as guest of honour. He said that India’s petrochemical industry is growing very fast. In the next two decades, the demand of petroleum products will increase by around 25 per cent. Affordability and sustainability are challenges before the industry. India has capacity to overcome such challenges. He said that during the pandemic period, India not only vaccinated its large population but also supplied vaccines to the world at very affordable prices. The country did not face energy crisis during the period, it managed the challenge very well. He said that India’s petrochemical industry is growing at a CAGR of 10 per cent.

Earlier, delivering the welcome address, Prabh Das, MD & CEO of HPCL-Mittal Energy Limited, briefed the audience about the current industry scenario, and its future and challenges. Kamal P Nanavaty, president of Chemicals and Petrochemicals Manufacturers Association of India (CPMA) also addressed the gathering. Various aspects and issues facing the petrochemical industry were discussed in different technical sessions during the two-day conference, which was attended by around 1,000 delegates.

Besides CMPA, APIC 2023 was attended by delegates and office bearers Japan Petrochemical Industry Association (JPCA), Korea Petrochemical Industry Association (KPIA), Petrochemical Industry Association of Taiwan (PIAT), Malaysian Petrochemicals Association (MPA), The Federation of Thai Industries Petrochemical Industry Club (FTIPC), and Singapore Chemical Industry Council (SCIC).

India-based petrochemical major Reliance Industries Limited (RIL) was a Diamond Sponsor of the event.

Fibre2Fashion News Desk (KUL)