Mandaviya said he has given direction for establishing chemical parks for making India an investment hub and added that “the work is happening in this regard”.
“Today there is a need to focus on quality and become competitive in the global market,” he said.
The minister assured the government’s support in making the domestic industry in becoming competitive at a global stage. He asked the industry to make a white paper in this regard.
Mandaviya noted that industry is important for any economy as it helps in becoming self-reliant. He said it is the responsibility of the government to support industry.
He highlighted that the government is taking policy decisions in a holistic manner and after wide consultations with all stakeholders. This has helped in increasing industrial production as well as foreign direct investments. Mandaviya said the government has brought labour reform, reduced compliances and brought a bill to the decriminalisation of minor offences as part of its effort to create an industry-friendly atmosphere. He stressed making India the ‘factory of the world’ for all kinds of industries, including chemicals and petrochemicals.
The minister said India has become the best and safe destination for global investments because of a stable long-term policy, democratic system and justice on merit by the Indian judiciary, besides being a large consumption centre.
He asked domestic players to encash this opportunity and form partnerships with global firms.
Mandaviya also asked the industry to partner with central and state governments to set up plants as well as chemical parks with all infrastructure facilities.
The summit saw the participation of global leaders, CEOs, government authorities, key industry players, state governments and subject matter experts from around the globe to discuss the key sectoral issues and the way forward with respect to Indian chemicals and petrochemicals industry.
