The chemical and petrochemical industry has the potential to be at the forefront of developing new-age technology and innovation for cutting-edge solutions in the economy and industry, Piyush Goyal, Union Minister of Commerce and Industry, said at the keynote address of the seventh Indian Chemicals and Petrochemicals Conference conducted by CII on Wednesday.

Goyal highlighted that the government’s policies are aimed at ensuring balanced growth that benefits all sections of society, strengthens the domestic economy, and positions India prominently on the global stage. He further pointed to the International Monetary Fund’s recent upward revision of India’s growth projection to 6.6% for 2025, an increase from its earlier estimate of 6.4%, a testament to the country’s economic resilience and strong fundamentals. He emphasised that great and advanced nations achieve their status through a focus on technology and innovation, and that India must follow this path to attain its developmental goals.

The Union Minister emphasised that even oil-rich nations are investing in value-added products, clean energy, renewable energy, and technologies related to climate change, demonstrating a global shift towards innovation-driven growth. He observed that the world economy experiences fluctuations, but the need to address climate change and advance technologically remains constant. He highlighted the importance of science, research, and development, as well as innovation, as the backbone of India’s journey to become an advanced nation and achieve the vision of a Viksit Bharat by 2047.

Goyal also acknowledged the significant potential and strategic role of the chemical and petrochemical sector in the nation’s overall development. He noted that the sector has wide-ranging applications and influence across multiple industries—including agriculture, healthcare, infrastructure, construction, energy, and mobility. He emphasised that the sector’s products and services are omnipresent, directly or indirectly affecting almost every aspect of the manufacturing and consumption ecosystem.

The Union Minister exhorted industry leaders to carefully assess their strengths and identify areas where India can gain a competitive advantage globally. He stressed the need for the sector to strive for leadership in international trade by increasing India’s share in global exports and surpassing its current modest contributions. He also stressed the critical importance of supply chain resilience and diversification, noting that reliance on a single supplier or a limited number of countries could create vulnerabilities. He pointed out that while certain products may require domestic protection to ensure self-reliance and secure supply chains, the sector must otherwise remain integrated with global markets to achieve efficiency, competitiveness, and sustainable growth.

Goyal highlighted India’s strategic approach to integrating with global economies while ensuring that domestic industries remain competitive. He emphasised that for India to become an advanced economy, it is essential to engage actively with international markets, explore trade opportunities, and attract investment, while maintaining a balance between global integration and domestic industry protection.

In his address, he also urged industry participants to work collaboratively, support one another across value chains, and raise concerns regarding predatory pricing, dumping, or non-tariff barriers that affect exports. He assured that the Ministry would provide timely interventions and remedies to safeguard industry interests, also encouraging the industry to suggest simplification of procedures, reduction of compliance burdens, and decriminalisation of minor offences to enhance ease of doing business and promote innovation. He cited examples of reforms in patent processes and intellectual property rights, highlighting how modernisation and efficiency can drive growth and competitiveness.

Concluding his address, Goyal reaffirmed the government’s steadfast commitment to promoting sustainable and inclusive growth across all sectors of the economy.