The 3rd edition of the Summit on “Global Chemicals and Petrochemicals Manufacturing Hubs in India” recently concluded, providing a platform for industry leaders, policymakers, and stakeholders to discuss the theme of “Sustainability and Circularity.” The summit, organized jointly by the Federation of Indian Chambers of Commerce and Industry (FICCI) and the Ministry of Chemicals and Fertilizers, aimed to chart the course for the Indian Chemicals and Petrochemicals Industry, focusing on emerging opportunities and addressing key challenges.
Inauguration by Honorable Union Minister
The two-day summit commenced with an inaugural address by the Union Minister of Finance, Smt. Nirmala Sitharaman. Her presence underscored the government’s commitment to the growth of the chemicals and petrochemicals sector, emphasizing its significance in India’s economic development.
Diverse Stakeholder Participation
The event witnessed active participation from Senior Officers representing Central Ministries/Departments, industry leaders, academicians, policymakers, and other stakeholders. This diverse representation enabled an inclusive and comprehensive discussion on the industry’s future prospects.
FTAs and Global Connectivity
One of the key sessions, “Session 4: FTAs – Connecting the world – Vasudhaiva Kutumbakam: One Earth, One Family, One Future,” featured the Minister of Commerce & Industry, Consumer Affairs, Food & Public Distribution, as the Chief Guest. This highlighted the importance of free trade agreements in promoting global connectivity and creating opportunities for India’s chemical and petrochemical industry on the international stage.
Collaborative Dialogue for Industry Growth
The summit served as a collaborative platform, bringing together global leaders, CEOs, government authorities, industry players, state governments, and subject matter experts to engage in open dialogue. Through this exchange of ideas, the event fostered an environment conducive to addressing sectoral issues, devising key developments, and planning the industry’s way forward.
Strategies for Sustainable Development
The chemical and petrochemical industry plays a crucial role in the social and economic development of India. As a knowledge-intensive and capital-intensive industry, it contributes significantly to improving the quality of life by meeting basic needs.
Backbone of Industrial and Agricultural Development
The industry’s importance extends beyond its immediate contributions; it serves as the backbone of both industrial and agricultural development in the country. By providing essential building blocks to downstream industries, it enables the growth of various sectors in the economy.
The Vision for India: Leading the Global Manufacturing Hub
The summit is part of the Department of Chemicals and Petrochemicals’ efforts to position India as a leading global hub for chemicals and petrochemicals manufacturing. Since 2019, the biennial “Global Chemicals and Petrochemicals Manufacturing Hubs” (GCPMH) Summit has been instrumental in seizing opportunities and exploring strategies to realize this vision.
Shaping the Industry’s Future
The latest edition of the summit focused on developing strategies, sharing insights, exploring opportunities, and addressing challenges that will shape the Chemicals and Petrochemicals Industry in India and worldwide over the next decade. It emphasized the need to integrate sustainable practices, circular economy principles, and cutting-edge technologies to ensure the industry’s growth aligns with global environmental goals.
