India’s Chemical & Petrochemical Industry Poised to Lead Global Innovation: Piyush Goyal

Union Commerce and Industry Minister Piyush Goyal said that India’s petrochemical industry is set to become a global hub for innovation and advanced technologies, driving growth across the industrial value chain. Speaking at the 7th Indian Chemicals and Petrochemicals Conference organised by CII, he emphasised that the sector holds immense potential to deliver cutting-edge solutions for industries like energy, mobility, and infrastructure. Goyal highlighted that the government aims to make India a leader in petrochemical production and technology, supporting sustainable growth through value-added products and new-age materials. He urged industry stakeholders to leverage innovation, boost export competitiveness, and strengthen supply chain resilience to reduce dependence on limited global suppliers. Referring to ongoing free trade agreements with nations such as the UAE, Australia, and the UK, he said these partnerships will help expand market access and attract global investment in the petrochemical sector.The Minister called for greater collaboration across the value chain, encouraging companies to report dumping practices and propose reforms that simplify compliance and enhance ease of doing business. Goyal reaffirmed that the government remains committed to supporting the petrochemical industry’s transformation into a world-class innovation-driven sector.The Minister underscored that technology, research, and innovation are central to achieving the vision of Viksit Bharat by 2047, and urged the petrochemical sector to enhance global competitiveness through value addition and export expansion.Disclaimer: PolyMart does not offer guarantees regarding the accuracy, reliability, or completeness of the information provided on its platform. Users are advised to independently verify any data before relying on it for decision-making purposes.