Odisha Ready To Be Petrochemicals Hub, Says Union Minister Anupriya Patel

Bhubaneswar: The Department of Chemicals and Petrochemicals, under the Ministry of Chemicals and Fertilizers, Government of India, in partnership with FICCI, successfully organised the Industry meet on ‘India Chem 2024’ at Bhubaneswar on Friday.

‘India Chem 2024 ’is the 13th Biennial International Exhibition and Conference, themed “Advanced India: Indian Chemicals and Petrochemicals Paving the Future,” has been scheduled to take place in Mumbai from October 17 to 19. The Industry Meet held at Bhubaneswar spotlighted the upcoming “India Chem 2024” summit.

In the programme, Minister of State for Health & Family Welfare and Chemicals and Fertilizers, Anupriya Patel, highlighted the pivotal roles of Gujarat, Odisha, and Andhra Pradesh in the chemicals and petrochemicals sector. She noted that “India Chem 2024”, returning after a two-year hiatus, is expected to attract significant global participation.

Patel emphasised that Odisha, with its skilled manpower and strategic coastal location, is poised to become a major hub for chemicals and petrochemicals, offering vast opportunities for manufacturing, employment, and exports.

The sector, currently valued at US$ 220 billion, is projected to surpass US$1 trillion by 2047. The government’s focus on boosting intra-country manufacturing and reducing import dependence will further propel this growth.

Odisha’s Industries Minister Sampad Chandra Swain discussed the transformative impact of the state’s industrial policies and incentives on the petrochemicals sector. He highlighted the improvements in infrastructure, port systems, and electricity tariffs, as well as the state’s commitment to develop skilled manpower to meet industry demands.

Swain underscored the state’s dedication to investing in green technologies to reduce carbon footprints and achieve net-zero targets.

Secretary, Ministry Chemicals and Fertilizers Nivedita Shukla Verma elaborated on the significance of the petroleum sector, which contributes 8% to the nation’s manufacturing and 3% to global sales. The sector, currently estimated at $320 billion, is one of the fastest-growing markets worldwide, with expectations to reach $1 trillion by 2047.

The government is actively working to enhance the sector’s contribution to building a developed India and aims to double petrochemical exports within the next decade.

Odisha Chief Secretary Manoj Ahuja highlighted the state’s expansion efforts in ports such as Paradip, Gopalpur, and Dhamra, along with the development of national highways and roads. He reaffirmed the state’s focus on improving ease of doing business and attracting investments, particularly in the petrochemicals sector, where Indian Oil has already established plastic parks.

Co-Chairman of the National Petrochemicals Committee of FICCI Arvindar Singh Sawhney, emphasised the vast opportunities in the petrochemicals sector, urging stakeholders to seize the moment as India’s economy rapidly grows. He noted that while India is largely dependent on petrochemical imports, there is significant demand and readiness from banks to fund projects in this sector.

The India Chem 2024 Summit, to be held at the Bombay Exhibition Centre, Mumbai, will feature companies from chemicals, petrochemicals, technology, process plant machines, and control and automation systems.

The Government of India plans to expand its petroleum and petrochemicals investment zone policy during the summit. Applications for the FICCI Chemicals and Petrochemicals Awards 2024 are now open, with selections to be submitted by 20th September, 2024.