India to become destination of global investment: Mansukh Mandaviya

26-11-2021

New Delhi, November 26 (UNI) Union Minister of Chemicals & Fertilizers Mansukh Mandaviya has said that the world is ready to partner with India and global business leaders are confident in investing in the country.

He highlighted that India needs further economic reforms to ensure sustainable growth "Concentrated efforts by India to fortify the business and encourage investment in the trade have helped to attract investment, but the country needs further economic reforms to ensure sustainable inclusive growth," the minister said.

Mandaviya made the remarks while addressing the 2nd Edition Summit on India: Global Chemicals & Petrochemicals Manufacturing Hubs 2021, (GCPMH 2021) on Thursday, the summit was organised by FICCI .

"Chemicals and Petrochemicals have played a vital role in society for decades and the focus is now on how to reduce the carbon footprint of the chemical industry and make the atmosphere pollution-free," he added.

Speaking further, he said that the government has launched a PLI scheme for different sectors which will directly or indirectly benefit the chemicals sector.

"The PLI schemes on Pharmaceuticals, Automobile, textile, and Telecommunication sector with each 2 lakh crore was targeted towards boosting the industries and make India an investment hub globally," said the minister.

Speaking on the reforms, Mandaviya said the PLI scheme will benefit the entrepreneurs and "we must encash the opportunities provided by the PLI scheme.”

Projecting the government as industry-friendly, he emphasized that in order to develop as a nation, India needs Industrial development.

“The tax paid by the industrialists are used for the benefit of the poor so the wealth creators must be respected,” the minister added.

Minister of State at Union Chemicals & fertilizers Ministry Bhagwanth Khuba said that the industry leaders across the globe are considering investing in India with a positive outlook.

"In the post COVID scenario, he said, India is all set to become the most potent chemicals and petrochemicals manufacturing hub in the world," he added.

Mr Prabh Das, Chairman, FICCI Petrochemicals Committee and MD & CEO, HMEL Mittal Ltd said that in order to achieve the dream of self-reliant India, a renewed focus on the critical sector of chemical and petrochemical is essential to capitalise on the tremendous opportunities in the Indian economy.