Union Minister of Chemicals & Fertilizers DV Sadanda Gowda on Tuesday said that it is a good time to invest in India when the Government is focusing on self-sufficiency in domestic production.
Gowda was addressing a webinar on “Specialty Chemical” Organized by Department of Chemicals & Petrochemicals and FICCI. The Minster also launched “India chem2021” which will be held from March 17 to 19 next year.
The Minister said that “Specialty Chemicals” is one of the areas where huge potential for growth lies. The past couple of decades have seen a significant shift in the manufacturing of chemicals, particularly the specialty chemicals from EU and North America, to Asia.
The Indian Chemical and Petrochemical industry have huge potential to play a significant role by 2025, the sector can alone contribute $300 billion to the GDP as compared to $160 billion at present.
“India is looking forward to incentivize manufacturers, through Production Linked Incentives (PLIs) and development of State of Art infrastructure facilities, to set up the entire value chain of drug production in upcoming three bulk drug parks in India,” said Gowda.