Minister of Road Transport and Highways Development, Nitin Gadkari urged the Chemicals and Petrochemicals industry to look at ways to promote import substitution. Inaugurating India Chem 2018, organised by the Federation of Indian Chambers of Commerce and Industry (FICCI) along with the Department of Chemicals & Petrochemicals, Government of India, Gadkari said, “Global investors in the chemical and petrochemical sector have a huge opportunity to invest in India.
In the wake of rising crude oil prices, India needs to reduce its dependence on imports and increase exports. India is presently ahead in innovation, entrepreneurship, technology, research and development. There is a huge potential in the Indian petrochemical sector, but we need import substitutes, pollution-free, cost-effective and indigenous ways to go ahead.”
He added that the Government had taken a decision to increase production of ethanol, which is important for the country. “As this is the time for India to find solutions for import substitutes, the chemical industry must work towards finding the solutions to curb imports of crude oil at rising prices,” said Gadkari.
The Minister also announced that the government plans to start a pilot project in Mumbai, Navi Mumbai, Pune and Guwahati to run electric buses on methanol derived from coal. He also emphasised to find a policy to encourage the industry to reduce imports and urged the Indian chemical industry to see, if agriculture material can be used to make chemicals, which will be a game changer for the country.