The Business Bytes
Bhubaneswar, September 6, 2024 (TBB Bureau): Union Minister Anupriya Patel announced on Friday that Odisha is set to emerge as a leader in the petrochemical sector, which is anticipated to become a USD 1 trillion industry by 2047.
Speaking at the “Advanced India: Indian Chemicals and Petrochemicals Paving the Future” conference in Bhubaneswar, Patel highlighted Odisha’s potential to become a key player in the sector, thanks to its skilled workforce and strategic coastal location.
“Odisha, with its skilled manpower and strategic coastal location, is poised to become a major hub for chemicals and petrochemicals, offering vast opportunities for manufacturing, employment, and exports,” stated Patel, who is the Minister of State for Chemicals and Fertilizers. She also noted that the upcoming India Chem 2024 summit, to be held in Mumbai from October 17-19, is expected to attract substantial global participation following a two-year hiatus.
Patel underscored that the chemicals and petrochemicals sector, currently valued at USD 220 billion, is projected to exceed USD 1 trillion by 2047. She emphasized the government’s commitment to boosting domestic manufacturing and reducing dependence on imports to fuel further growth in this sector.
Odisha’s Minister for Industries, Skill Development, and Technical Education, Sampad Charan Swain, discussed the state’s transformative industrial policies and incentives designed to support the petrochemical sector. He highlighted significant improvements in infrastructure, port facilities, and electricity tariffs, as well as the state’s commitment to developing skilled manpower to meet industry demands. Swain also stressed Odisha’s focus on investing in green technologies to reduce carbon emissions and achieve net-zero targets.
Nivedita Shukla Verma, Secretary of the Ministry of Chemicals and Fertilizers, outlined the critical role of the petrochemical sector, which contributes 8% to the nation’s manufacturing output and 3% to global sales. She pointed out that this sector is one of the fastest-growing markets globally, with the government aiming to enhance its role in building a developed India and to double petrochemical exports over the next decade.
Deepankar Aron, Joint Secretary of the Ministry of Chemicals and Fertilizers, shared details about India Chem 2024, which will feature over 200 companies and is expected to attract more than 7,000 visitors. The event will include B2B and B2G meetings, a global CEO forum, and roundtable discussions with representatives from countries such as Japan, Korea, Brazil, Argentina, and the UAE. For the first time, a job fair will also be held as part of the summit.
Odisha Chief Secretary Manoj Ahuja highlighted ongoing expansion efforts at ports such as Paradip, Gopalpur, and Dhamra, along with the development of national highways and roads. He reaffirmed the state’s commitment to enhancing the ease of doing business and attracting investments, particularly in the petrochemical sector.
