Union Commerce and Industry Minister Piyush Goyal on Wednesday said that India’s chemical and petrochemical industry has the potential to lead the country’s technological transformation and position it as a global innovation hub.
Delivering the keynote address at the 7th Indian Chemicals and Petrochemicals Conference organised by Confederation of Indian Industry in New Delhi, the minister underscored the sector’s strategic role in India’s economic growth and its far-reaching impact across multiple industries including agriculture, healthcare, construction, energy, and mobility.
Goyal pointed to the International Monetary Fund’s recent decision to raise India’s growth forecast to 6.6% for 2025 – up from 6.4% – as clear evidence of the country’s economic resilience and robust fundamentals.
“The chemicals and petrochemical industry can be at the forefront of developing new technologies and making India a leader in providing cutting-edge solutions for the economy and industry,” Goyal said.
He emphasized that advanced nations achieved their status through sustained investment in technology and innovation, and India must follow this path to reach its developmental goals.
Highlighting the global shift towards innovation-driven growth, Goyal noted that even oil-rich countries are investing in clean energy, renewables, and climate change technologies. He stressed that while economic cycles may fluctuate, the need to innovate and address climate change remains constant.
He identified science, R&D, and technology as the backbone of India’s journey towards becoming a developed nation under the Viksit Bharat 2047 vision.
Goyal urged industry leaders to leverage India’s strengths and enhance its global competitiveness by increasing exports, strengthening supply chains, and diversifying sourcing to reduce vulnerabilities.
He also underlined India’s strategic approach to trade liberalisation, pointing to recent and ongoing free trade agreements with Mauritius, the UAE, Australia, the EFTA bloc (Liechtenstein, Norway, Iceland, and Switzerland), and the UK.
“Our goal is to balance global integration with domestic industry protection,” he said, noting that trade engagements are designed to expand markets, attract investment, and drive innovation while safeguarding the interests of 140 crore Indian consumers.
Goyal encouraged industry participants to work collaboratively across value chains and raise concerns related to predatory pricing, dumping, and non-tariff barriers. He assured that the government would provide timely interventions to protect domestic industries.
He also called on the industry to suggest simplification of procedures, reduction of compliance burdens, and decriminalization of minor offenses to further enhance ease of doing business. Reforms in intellectual property rights and patent processes, he added, are already driving efficiency and competitiveness.
Concluding his address, Goyal reaffirmed the government’s commitment to sustainable and inclusive growth, stating that under the leadership of Narendra Modi, India is steadily advancing towards its Viksit Bharat 2047 vision.
“The sector has the potential to lead India’s technological transformation and strengthen its position as a global leader in innovation and trade,” he said.
