New Delhi: Union Minister of Commerce and Industry, Piyush Goyal, has said that India’s chemical and petrochemical industry can spearhead technological innovation and drive the country’s global leadership in advanced industrial solutions. He was speaking at the 7th Indian Chemicals and Petrochemicals Conference organised by the Confederation of Indian Industry (CII) today in New Delhi.
Highlighting the sector’s immense potential, Shri Goyal said that innovation and technology would define India’s next phase of growth. “Great nations achieve their strength through technology and innovation,” he said, adding that India must follow the same path to realise its ambition of becoming a developed nation (Viksit Bharat) by 2047.
Referring to the International Monetary Fund’s (IMF) recent upward revision of India’s growth forecast from 6.4% to 6.6% for 2025, the Minister said it reflected the “robust fundamentals and economic resilience” of the Indian economy. “The world economy may experience ups and downs, but India continues to move forward with confidence, powered by innovation, research, and strong governance,” he said.
Shri Goyal noted that even oil-rich nations were moving away from dependence on crude and investing heavily in value-added products, renewable energy, and climate-friendly technologies. He emphasised that India, too, must anchor its growth in research, development, and sustainability, building a knowledge-based economy that thrives on innovation.
The Minister underlined the strategic importance of the chemical and petrochemical sector, which impacts nearly every area of industrial and daily life—from agriculture and healthcare to construction, energy, and mobility. “This sector touches almost every aspect of our manufacturing and consumption ecosystem,” he said. He urged industry leaders to identify their core strengths and focus on areas where India can gain a global competitive edge.
Calling for a shift towards greater self-reliance and supply chain resilience, Shri Goyal said overdependence on a single supplier or country poses significant risks. He stressed the need to diversify supply chains while maintaining global market integration to ensure efficiency, competitiveness, and sustainable growth. “Some products may need protection for national security and self-reliance, but overall, India must stay connected to global markets to scale and innovate,” he said.
Discussing India’s proactive global trade strategy, Goyal said that the Government’s focus remains on balanced engagement with international markets—promoting exports and attracting investment while protecting domestic industries. He cited India’s free trade agreements (FTAs) with Mauritius, the UAE, Australia, Liechtenstein, Norway, Iceland, Switzerland, and the United Kingdom as examples of this strategy in action.
“These agreements are not just about trade; they are about building partnerships in innovation, technology, and sustainable growth,” Goyal explained. He added that the goal is to ensure Indian businesses are globally competitive while safeguarding domestic producers and the interests of 140 crore consumers.
The Minister encouraged industry players to collaborate across the value chain, collectively addressing challenges such as dumping, predatory pricing, and non-tariff barriers. He assured that the Government would provide “swift and decisive interventions” when required to protect industry interests.
Shri Goyal also invited suggestions from the sector to further simplify procedures, reduce compliance burdens, and decriminalise minor offences to improve ease of doing business. He highlighted reforms in intellectual property rights and patent systems as successful examples of how streamlined processes can enhance growth and competitiveness.
Concluding his address, Goyal reaffirmed the Government’s unwavering commitment to sustainable, inclusive, and innovation-driven growth. “Under the visionary leadership of Prime Minister Narendra Modi, India is firmly on the path to becoming an advanced, self-reliant, and globally respected economy,” he said.
He called upon the industry to embrace innovation, invest in R&D, and think beyond traditional boundaries to make India a global leader in the chemical and petrochemical space.