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Chemical Industry Earning Foreign Exchange Via Make In India, Make For World Approach: Mandaviya

He further stressed that although the import dependency of the country has reduced, there is a need for a holistic approach to creating an atmosphere for the industrialists to be able to compete globally

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The Indian chemical industry has become a global player and earns foreign exchange for the nation with the "Make in India, Make for World" approach, said the union minister for chemicals and fertilisers and health and family welfare, Dr Mansukh Mandaviya. 

While launching Plastindia 2023, an international plastic exhibition and conference, he said that exports of Indian chemicals have registered growth of 106 per cent in 2021-22 over 2013-14.

The union minister highlighted that India’s petrochemical industry has been one of the fastest-growing industries in the Indian economy with high demand growth. 

India is projected to contribute more than 10 per cent of the incremental global growth in Petrochemicals over the next decades, he said.

He, however, added that amidst the Petrochemical growth globally, volatility, significant Import dependency and attractive demand growth have been the primary reasons for which India needs Petrochemical assets to meet the domestic and global demand. 

He further stressed that although the import dependency of the country has reduced, there is a need for a holistic approach to creating an atmosphere for the industrialists to be able to compete globally. 

He suggested the need to create a roadmap for the plastic industry for long term policy support, investment as well as export promotion.

Meanwhile, Plastindia refers to a series of exhibitions under the Plastindia Foundation, which will hold the 11th international plastics exhibition, conference and convention from 1-5 February 2023 at ITPO Pragati Maidan, New Delhi

The exhibition will provide opportunities for employment generation, facilitate the growth of the Indian plastic industry and make India a hub for sourcing plastic for global needs, according to the press statement.