Departments of Chemicals & Petrochemicals, Ministry of chemicals & Fertilizers, Government of India in Association with the FICCI is organising a summit on Global Chemical & Petrochemicals Manufacturing hubs in India on November 11-12, 2019 at Mumbai. The objective of the Summit is to provide a platform to the Chemicals & Petrochemicals fraternity to highlight the challenges of the sector in the newly developing growth regions and understand how the Indian Petroleum, Chemicals and Petrochemicals Investment Regions (PCPIRs) can emerge and establish itself as World's next manufacturing hub. The summit shall facilitate in identifying the impediments affecting growth of the sector in PCPIRs regions. Aimed at achieving synergies of value-added manufacturing, research and development, PCPIRs intend to reap the benefits of co-sitting, networking and greater efficiency using common infrastructure and support services. The consequent establishment of high-class infrastructure is targeted at promoting a competitive environment conducive to setting up new business units and providing a boost to manufacturing, exports and employment generation in the targeted sectors.
2. Indian chemicals industry ranks 6th in the world and 4th in Asia. India ranks 14th in the world export of chemicals and 10th in the world import of chemicals. The share of export and import of chemicals & petrochemicals is 11.2% and 10.6% in the total national exports and imports in 2017-18. India's present GDP stood at US$2.7 trillion during 2018. With annual envisaged growth rate 7%, India's GDP will reach to US$ 5 Trillion by 2025 and our economy will be among the 5th largest amongst world's economises by 2025. As India remains one of the most attractive investment regions for foreign companies with a consistent investment of more than USD 40 Billion for the last three years, the Government of India envisages the development of Global Scale Industrial Corridors in the Petroleum, Chemical and Petrochemical sectors of the country in an integrated and environment friendly manner.
3. In 2018 the size of the sector was US$ 163 Billion, with import of US$ 45 Billion. With high population base, there is enormous domestic demand of chemicals & petrochemicals in the country, which is served by domestic manufacturing units as will as by importing from overseas countries. So, with strong domestic demand, the Indian Chemicals and Petrochemicals market is projected to grow at 9.3% p.a., much faster than the projected GDP growth rate (7%), to reach $304 Billion by 2015. To meet this demand by domestic production, fresh investments of the order of US$ 200 Billion will be required, mostly in mega projects.
4. The first global summit of its kind brings onboard ministries and departments, national and international corporates, central public sector enterprises, state governments and industry bodies to chart the roadmap for India becoming a global manufacturing hub of chemicals & petrochemicals. The Summit on Global Chemicals & Petrochemicals Manufacturing Hubs in India is a worthwhile initiative to acknowledge the impressive growth of Indian Chemical & Petrochemical Industry. It is a platform for the global industry leaders, governments stakeholders and policymakers to come together, discuss pertinent issues and chart a roadmap for the Indian Investment Regions to emerge as vibrant global hubs. Stakeholders and policymakers will share success stories and future opportunities in Petroleum, Chemicals and Petrochemicals Investment Regions (PCPIRs) and discuss their role in developing India into a Chemical and petrochemical manufacturing hub.
5. Contact person for the quires and clarifications regarding the event is Shri Saumak Mitra, Assistant Director, FICCI (Email Id firstname.lastname@example.org), Mobile No. 7042066977.
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