(MENAFN- IANS) New Delhi, Oct 15 (IANS) Commerce and Industry Minister Piyush Goyal on Wednesday said the chemicals and petrochemical industry has the potential to be at the forefront of developing new technologies and making India a leader in providing cutting-edge solutions for the economy and industry.

Delivering the keynote address at the 7th Indian Chemicals and Petrochemicals Conference conducted by CII here, the minister highlighted that the government's policies are aimed at ensuring balanced growth that benefits all sections of society, strengthens the domestic economy, and positions India prominently on the global stage.

Acknowledging the chemical and petrochemical sector's significant potential and its strategic role in the nation's overall development, the minister noted that the sector has wide-ranging applications and influence across multiple industries, including agriculture, healthcare, infrastructure, construction, energy, and mobility.

He emphasised that the sector's products and services are omnipresent, directly or indirectly affecting almost every aspect of the manufacturing and consumption ecosystem.

Goyal also urged industry leaders to carefully assess their strengths and identify areas where India can gain a competitive advantage globally, highlighting the need for the sector to aim for leadership in international trade by increasing India's share in global exports and moving beyond the current modest contributions.

Goyal stressed that even oil-rich nations are investing in value-added products, clean energy, renewable energy, and climate change-related technologies, demonstrating the global shift towards innovation-driven growth. He observed that the world economy experiences fluctuations, but the need to address climate change and advance technologically remains constant.

The minister outlined the government's consistent focus on negotiating free trade agreements and expanding India's global trade footprint. He referenced agreements with several countries and regions, including Mauritius, the UAE, Australia, Liechtenstein, Norway, Iceland, Switzerland, and the United Kingdom.

Goyal explained that these trade engagements are designed to open up markets for Indian products, attract technology and investment, and foster collaboration in innovation-driven sectors, while ensuring that domestic industries are not exposed to undue risk.

MENAFN15102025000231011071ID1110200429