Sadananda Gowda, Union Minister for Chemicals & Fertilizers inaugurated ‘India Chem 2021’ – the 11th Biennial International Exhibition & Conference at New Delhi. It is organized by the Department of Chemicals & Petrochemicals, Government of India & FICCI (Federation of Indian Chambers of Commerce & Industry) and will be held from March 17-19, 2021.
- Theme – “India: Global Manufacturing Hub for Chemicals and Petrochemicals”
- Objective – To highlight the investment potential in Indian Chemicals & Petrochemicals Industry.
- India Chem is one of the largest composite events of the Chemical & Petrochemical sector in the Asia-Pacific event.
i.During India Chem-2021 events such as Global CEOs Round Table, Conclaves on Global Chemical Industry; Petrochemical Industry;Global Agrochemical Industry;Capital Goods; Plant Machinery were held.
ii.Three Bilateral events were held for enhancing bilateral trade and investment opportunities in the sector. They were
- India-Japan Chemical and Petrochemical Forum
- India-EU Chemical and Petrochemical Forum
- India-US Chemical and Petrochemical Forum
Investment of 8 Lakh by 2025
Union Minister D V Sadananda Gowda stated that an investment of INR 8 Lakh Crore is anticipated in the Indian Chemicals & Petrochemical industry by 2025.
- Government has launched 12 Production Linked Incentive (PLI) schemes for direct/indirect benefit of the chemicals sector.
Budget allocation in Union Budget 2021-22
In the Union Budget 2021-22, Government has increased budgetary allocation for the Department of Chemicals & Petrochemicals by 7% from INR 218.34 crore in 2020-21 to INR 233.14 Crore.
- INR 53.73 crore for promotion of petrochemicals.
- INR 117.88 Crore for Central Institute of Plastic Engineering and Technology.
- The import duty on Naphtha has been reduced from 4.0% to 2.5% in the budget.
Recent Related News:
i.On February 23, 2021, Union Minister Sadananda Gowda, Ministry of Chemicals and Fertilizers (MoC&F) presented the 10th National Awards for Technology Innovation in Petrochemicals and Downstream Plastics Processing Industry for FY 2019-20 at Vigyan Bhavan in New Delhi.
About Ministry for Chemicals & Fertilizers:
Union Minister – D V Sadananda Gowda (Lok Sabha MP, Constituency – Bangalore North, Karnataka)
Minister of State – Mansukh Mandaviya (Rajya Sabha MP – Gujarat)