Union Minister J.P. Nadda announced India's aspiration to establish a one-trillion-dollar chemicals market by 2040 during the inauguration of India Chem 2026 in Mumbai.
Union Minister for Chemicals and Fertilisers, J.P. Nadda, has declared India's intention to develop a substantial chemical market valued at one trillion dollars by the year 2040. This announcement was made during the inauguration of the 14th edition of India Chem 2026 held at the Bombay Exhibition Centre, NESCO, in Mumbai. Nadda emphasized that a conducive environment is emerging in the country for the expansion of the chemicals and petrochemicals sector. He further added that clear policies, government support, and active industry participation are paving the way for new investment and growth opportunities within the sector.
Under the proposed 'Bhavya Rasayan' scheme, the Centre will provide one thousand crore rupees for each chemical park, with the concerned state required to contribute a minimum of 500 crore rupees. The development of world-class infrastructure, including port, rail, air, and road connectivity, is considered crucial for the selection and success of these parks.
Maharashtra Chief Minister Devendra Fadnavis highlighted that the chemicals and petrochemicals sector could contribute significantly towards achieving Maharashtra's goal of becoming a one-trillion-dollar economy. He noted that the sector currently employs three lakh people within the state.
Source:
Akashvani News
