The chemical industry in Gujarat is set to play a pivotal role in India’s ambitious target of becoming a $5 trillion economy, according to experts at a recent industry meet in Ahmedabad. Union Minister of State for Chemicals and Fertilizers highlighted Gujarat’s leadership in the chemicals, petrochemicals, and petroleum sectors, underscoring its potential to contribute significantly to the nation’s economic aspirations.
At the event, which was organised by the Union Ministry of Chemicals & Fertilizers in collaboration with the Federation of Indian Chambers of Commerce & Industry (FICCI), discussions centred on the upcoming India Chem 2024. This international exhibition and conference on chemicals and petrochemicals will serve as a platform to showcase India’s strengths and attract global investments in these sectors. Gujarat, often hailed as the industrial powerhouse of India, has consistently demonstrated excellence in the chemical and petrochemical industries. The state boasts a 62% share of India’s petrochemical production, a 53% share of chemical production, and 45% of pharmaceutical production. These figures underscore Gujarat’s strategic importance in India’s industrial landscape and its critical role in achieving the $5 trillion economy target.
Experts at the meet emphasised that Gujarat’s success in these industries is not just a result of its robust infrastructure but also due to the state’s conducive policy environment and investment-friendly approach. The Petroleum, Chemicals, and Petrochemicals Investment Regions (PCPIRs) in Gujarat have attracted significant investments, further cementing the state’s position as a leader in these sectors. The Union Minister stressed that the chemical industry’s growth is essential for achieving broader economic goals, given its interconnectedness with various other industries such as pharmaceuticals, agriculture, and manufacturing. The chemical sector’s performance directly impacts the growth of these industries, making it a critical driver of the overall economy.
As the nation gears up for India Chem 2024, there is a growing recognition of the need to bolster the chemical and petrochemical sectors. This event will not only provide a platform for domestic players to showcase their capabilities but also attract international stakeholders, thereby driving foreign direct investment (FDI) and fostering global partnerships. The industry meet in Ahmedabad highlighted that, while Gujarat is currently leading in chemical production, there is still considerable potential for further growth. With ongoing advancements in technology, research, and development, the state is well-positioned to continue its upward trajectory and contribute significantly to India’s economic targets.
