New Delhi: The chemical and petrochemical industry has the potential to lead in technology and innovation, positioning India as a global provider of advanced solutions, said Union Minister of Commerce and Industry Piyush Goyal while delivering the keynote address at the 7th Indian Chemicals and Petrochemicals Conference, organized by CII.
Goyal emphasized that the Government’s policies are focused on balanced growth, benefiting all sections of society while strengthening India’s global economic standing. Citing the International Monetary Fund’s recent upward revision of India’s GDP growth forecast to 6.6% for 2025, he highlighted the country’s economic resilience and strong fundamentals.
“Great nations achieve advancement through technology and innovation,” Goyal said, urging India to follow this path to achieve its developmental goals and the vision of Viksit Bharat by 2047. He stressed that even oil-rich countries are investing in value-added products, clean energy, renewable energy, and climate technologies, demonstrating the global shift towards innovation-driven growth.
The Minister highlighted the strategic importance of the chemical and petrochemical sector, noting its applications across agriculture, healthcare, infrastructure, construction, energy, and mobility. He called on industry leaders to leverage India’s strengths, increase global export share, and achieve leadership in international trade.
Goyal also underlined the importance of supply chain resilience, cautioning against over-reliance on a few suppliers or countries. While some products require domestic protection to ensure self-reliance, he emphasized that the sector should remain integrated with global markets to enhance competitiveness and sustainable growth.
On global engagement, Goyal noted India’s free trade agreements with countries and regions including Mauritius, UAE, Australia, Liechtenstein, Norway, Iceland, Switzerland, and the UK. These agreements aim to expand market access, attract technology and investment, and promote innovation, while balancing domestic industry protection and consumer interests.
He urged the industry to collaborate across value chains, address issues like predatory pricing or non-tariff barriers, and propose reforms to simplify procedures, reduce compliance burdens, and decriminalize minor offenses. Goyal cited patent and intellectual property reforms as examples of measures that can drive innovation and competitiveness.
Concluding his address, Goyal reaffirmed the Government’s commitment to sustainable and inclusive growth, stating that under the leadership of Prime Minister Narendra Modi, India is steadily progressing towards its long-term developmental objectives and the goal of Viksit Bharat by 2047.
