A.P. has huge potential for investments in chemical and petrochemicals, say speakers at industry meet

Measures will be taken to attract investments to PCPIR in Andhra Pradesh, says Department of Chemicals & Petrochemicals Secretary Nivedita Shukla Verma

The Indian chemical industry, currently valued at USD 220 billion, is expected to reach USD 300 billion by 2023 and USD 1 trillion by 2024, opined the speakers at the curtain raiser organised by the Federation of Indian Chambers of Commerce and Industry (FICCI) for the India Chem-2024, in Visakhapatnam on September 27 (Friday). The India Chem-2024 is scheduled to be held in Mumbai from October 17 to 19.

Chemical industry is an attractive hub of opportunities, which remains to be tapped, they said.

Nivedita Shukla Verma, Secretary in the Department of Chemicals & Petrochemicals, Ministry of Chemicals and Fertilizers, described the India Chem-2024 as a great platform to learn and discuss the roadmap for the future of petrochemicals industry.

NITI Aayog has identified chemical sector as one of the key areas. The four PCPIR notified by the Central government in Andhra Pradesh (Visakhapatnam), Gujarat (Dahej), Odisha (Paradeep) and Tamil Nadu (Cuddalore and Nagapattinam) have generated a total investment of ₹2.5 lakh crore so far. The Department of Chemicals and Petrochemicals has identified five new government institutions as Centres of Excellence in the petroleum sector in the last four years.

Responding to the issue of establishing an ‘anchor tenant’ in PCPIR in Andhra Pradesh, raised by Secretary, Industries and Commerce, Government of A.P., N. Yuvaraj, Ms. Nivedita said the issue would be discussed and measures would be taken to attract investments in the PCPIR in A.P.

She said that 72 QCOs (Quality Control Orders) have been notified so far in the PCPIR and the department was focussing on R&D. The department has notified five new Centres of Excellence in the petrochemical sector during the last four years.

Visakhapatnam MP M. Sribharat described North Andhra region as a large ‘manufacturing hub’ with chemical, petrochemical, pharma and various other industries. He called for research on the impact of microplastics as cancer cases were on the rise. While expressing concern over the increase in industrial accidents in North Andhra region, he opined that better skill development and safe practices were the need of the hour.

Industrial safety

“Light and tight regulations are required to minimise industrial accidents. Irrelevant and obsolete regulations should be removed to ensure speed of business,” he said.

Mr. Yuvaraj spoke about the immense potential of A.P. in general and Visakhapatnam region in particular for setting up chemical and petrochemical industries and the efforts of the State government in this regard.

Joint Secretary, Department of Chemicals & Petrochemicals, Ministry of Chemicals and Fertilizers, Deepankar Aron and Member FICCI-AP and Vizagapatam Chamber of Commerce and Industry president M. Sudarshan Swamy also spoke at the event.

Published - September 27, 2024 07:58 pm IST