(MENAFN- KNN India) New Delhi, Oct 16 (KNN) Speaking at the 7th Indian Chemicals and Petrochemicals Conference, organised by the Confederation of Indian Industry (CII) on October 15, Commerce and Industry Minister Piyush Goyal said that India's chemical and petrochemical sector has the potential to lead in technology and innovation.

He added that this positions the country as a global hub for advanced industrial solutions.

Goyal noted that the government's policies aim to ensure balanced growth, benefiting all sections of society while strengthening the domestic economy and India's standing on the global stage.

Citing the International Monetary Fund's recent decision to raise India's growth forecast for 2025 from 6.4 per cent to 6.6 per cent, he said the revision reflected the nation's economic resilience and strong fundamentals.

The Minister emphasised that technological advancement and innovation are critical drivers of progress for any advanced nation, asserting that India must follow the same path to achieve its developmental goals.

He pointed out that even oil-rich nations are now investing heavily in clean and renewable energy, value-added products, and climate change-related technologies signifying a global shift towards innovation-led growth.
Highlighting the centrality of research, science, and innovation in India's growth story, Goyal said these pillars will be key to realizing the vision of Viksit Bharat by 2047.

He underlined the sector's strategic importance across diverse industries, including agriculture, healthcare, construction, energy, and mobility, noting that its products and processes influence nearly every aspect of manufacturing and consumption.

Encouraging industry stakeholders to identify competitive strengths, Goyal urged the sector to increase its contribution to global exports and establish leadership in international trade.

He also stressed the importance of building resilient and diversified supply chains, cautioning against overdependence on limited sources.

The Minister reiterated India's strategic approach to global integration, stating that engagement with international markets and trade partnerships must go hand in hand with safeguarding domestic industry and consumer interests.

Referring to recent free trade agreements with countries such as Mauritius, the UAE, Australia, and the UK, he said these partnerships aim to expand market access, attract investment, and promote innovation while maintaining a balance between global competition and national priorities.

Goyal called upon the industry to collaborate across value chains and raise issues such as predatory pricing, dumping, and non-tariff barriers that affect exports.

He assured government support for timely interventions and welcomed suggestions for procedural simplification, reduced compliance burdens, and decriminalisation of minor offenses to improve ease of doing business.

(KNN Bureau)

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