Specialty Chemicals Offers Huge Growth Potential For Local Manufacturers Says Ministry of Chemicals and Fertilizers

Union Minister of Chemicals & Fertilizers D.V. Sadananda Gowda has said that it is good time to invest in India when the Government is focusing self-sufficiency in domestic production. Gowda noted this while addressing a webinar on Specialty Chemical Organized by Department of Chemicals & Petrochemicals and FICCI. Minister said 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. Gowda added that India is looking forward to incentivize manufacturers, through Production Linked Incentives (PLIs) and development of State of Art infrastructure facilities, to set up entire value chain of drug production in upcoming three bulk drug parks in India.

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