Chemicals, petrochemicals sector can become key growth engine of Indian economy: MoS Anupriya Patel at launch of ‘India Chem 2026’

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–> Chemicals, petrochemicals sector can become key growth engine of Indian economy: MoS Anupriya Patel at launch of ‘India Chem 2026’ ANI | Updated: Oct 06, 2026 04:06 IST

Join our Whatsapp channel New Delhi [India], October 6 (ANI): Union Minister of State (MoS) for Chemicals and Fertilisers Anupriya Patel launched the 14th edition of ‘India Chem 2026’, asserting that the chemicals and petrochemicals sector has the potential to emerge as a vital growth engine for the nation’s economy.According to a press release issued by the Department of Chemicals and Petrochemicals in the Ministry of Chemicals and Fertilisers, the flagship biennial event, jointly organised by the Department of Chemicals and Petrochemicals (DCPC) and the Federation of Indian Chambers of Commerce and Industry (FICCI), is scheduled to be held in Mumbai from October 22 to 24, 2026, under the theme “Advantage Bharat: An Emerging Global Hub.”Addressing the launch ceremony in the national capital, Patel on Monday reiterated the Central Government’s commitment to building a resilient infrastructure and enabling ecosystem to make India self-reliant and achieve the vision of ‘Viksit Bharat’ by 2047.She emphasised aligning key national initiatives–such as the Critical Mineral Mission, the Rare Earth Corridor, the India Semiconductor Mission 2.0, the National Manufacturing Mission, and foreign direct investment (FDI) reforms–to position India as a global manufacturing hub for battery, speciality, and semiconductor chemicals by 2040.Highlighting the recently notified ‘BHAVYA Rasayan Scheme’, the Minister said the initiative is designed not merely as an infrastructure program, but as an ecosystem for the industry to innovate, invest, and expand. She urged industry leaders to actively engage with state governments for the timely submission of project proposals.Patel also stressed the need for aggressive investment in research and development (R&D) and new technology adoption. She noted that the Department is actively pursuing the Department of Science and Technology (DST) to classify chemicals and petrochemicals as a priority sector under the newly formulated Research Development Innovation (RDI) Scheme, which carries an outlay of approximately Rs 1 lakh crore. These combined efforts, she said, would help propel the domestic sector into a USD 1-trillion industry by 2040.Speaking on the occasion, Secretary, Department of Chemicals and Petrochemicals, Tejveer Singh, termed the sector the bedrock of India’s industrial and economic development. He stated that the vision of dedicated chemical parks is materialising through the BHAVYA Rasayan Scheme, which will provide plug-and-play facilities and state-of-the-art infrastructure to cut production costs and improve global competitiveness. Singh added that the Department is also actively coordinating with DPIIT on an import substitution roadmap.Deepankar Aron, Joint Secretary, DCPC, gave an overview of the event, stating that India Chem 2026 aims to unlock major investment flows and facilitate strategic business-to-business (B2B) partnerships.Industry representatives present at the event welcomed the Centre’s support. Prabh Das, Chairman of the FICCI National Petrochemicals & Plastics Committee and MD & CEO of HPCL-Mittal Energy Ltd, stated that India’s immediate priority must be scaling up domestic production. S Ganeshkumar, Co-Chair of the FICCI Chemicals Committee and MD of Chemplast Sanmar Ltd, noted that the domestic chemical sector is strategically positioned to absorb large-scale capital, attract FDIs, and emerge as a lucrative global destination.The upcoming three-day summit in Mumbai will feature specialized conclaves covering agrochemicals, petrochemicals, specialty chemicals, machinery, and sustainability, alongside dedicated bilateral international business forums with the US, EU, Russia, and Japan. (ANI)