Bhubaneswar: Union Minister Anupriya Patel Friday said Odisha is ready to become a leader in the petrochemical sector which is projected to be a USD 1 trillion industry by 2047.
Addressing a conference “Advanced India: Indian Chemicals and Petrochemicals Paving the Future” here, she said the eastern state with its skilled manpower and strategic coastal location is poised to become a major hub in the sector.
She also said the India Chem 2024 summit, scheduled to take place in Mumbai from October 17-19 after a two-year hiatus, is expected to attract significant global participation.
“Odisha, with its skilled manpower and strategic coastal location, is poised to become a major hub for chemicals and petrochemicals, and will offer vast opportunities for manufacturing, employment and exports,” Patel, the minister of state for chemicals and fertilizers, said.
The sector, currently valued at USD 220 billion, is projected to surpass USD 1 trillion by 2047, she said, adding that the government’s focus on boosting intra-country manufacturing and reducing import dependence will further propel growth.
Odisha’s Industries, Skill Development and Technical Education Minister Sampad Charan Swain discussed the transformative impact of the state’s industrial policies and incentives for the petrochemical sector.
He highlighted the improvement in infrastructure, port system and electricity tariffs as well as the state’s commitment to develop skilled manpower to meet industry demands.
Swain also underscored the state government’s focus on investing in green technologies to reduce carbon footprints and achieve net-zero targets.
Ministry of Chemicals and Fertilizers Secretary Nivedita Shukla Verma elaborated on the significance of the petroleum sector, which contributes eight per cent to the nation’s manufacturing and three per cent to global sales.
The sector is one of the fastest-growing markets worldwide, she said, adding that the government is actively working to enhance its contribution to build a developed India and aims at doubling petrochemical exports within the next decade.
Ministry of Chemicals and Fertilizers Joint Secretary Deepankar Aron said the India Chem 2024 will feature over 200 companies and attract more than 7,000 visitors.
The event will include B2B and B2G meetings, a global CEO forum and roundtable discussions with representatives from several countries like Japan, Korea, Brazil, Argentina and the UAE, the official said.
Over 40 organisations and industry associations from Odisha will participate in the programme, and a job fair will be held for the first time.
Odiasha Chief Secretary Manoj Ahuja highlighted the state’s expansion efforts in ports such as Paradip, Gopalpur, and Dhamra, along with the development of national highways and roads.
He reaffirmed the state’s focus on improving the ease of doing business and attracting investments, particularly in the petrochemical sector.
PTI