Union Minister Anupriya Patel stated that Odisha is prepared to become a leader in the petrochemical sector, which is projected to grow into a $1 trillion industry by 2047. Speaking at the "Advanced India: Indian Chemicals and Petrochemicals Paving the Future" conference, she emphasised that the eastern state, with its skilled workforce and strategic coastal location, is well-positioned to become a key hub in the sector.
She also mentioned that the India Chem 2024 summit, scheduled to take place in Mumbai from October 17-19 after a two-year break, is expected to draw substantial global participation.
Patel, the Minister of State for Chemicals and Fertilizers, explained that Odisha's advantageous factors will create immense opportunities for manufacturing, employment, and exports in the chemicals and petrochemicals industries. She further noted that the sector, currently valued at $220 billion, is expected to exceed $1 trillion by 2047. According to her, the government's focus on enhancing domestic manufacturing and reducing reliance on imports will accelerate growth.
Odisha's Minister for Industries, Skill Development, and Technical Education, Sampad Charan Swain, discussed the transformative impact of the state's industrial policies and incentives on the petrochemical sector. He emphasized improvements in infrastructure, port systems, and electricity tariffs, as well as the state's efforts to develop a skilled workforce to meet industry demands. Swain also highlighted the state government's commitment to investing in green technologies to reduce carbon footprints and achieve net-zero goals.
Nivedita Shukla Verma, Secretary of the Ministry of Chemicals and Fertilizers, explained the importance of the petroleum sector, which contributes eight per cent to the nation's manufacturing and three per cent to global sales. She pointed out that it is one of the fastest-growing markets worldwide and that the government is actively working to enhance its contribution to India's development, aiming to double petrochemical exports over the next decade.
Deepankar Aron, Joint Secretary of the Ministry of Chemicals and Fertilizers, announced that 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 countries such as Japan, Korea, Brazil, Argentina, and the UAE. He added that more than 40 organizations and industry associations from Odisha will participate in the event, and a job fair will be held for the first time.
Odisha's Chief Secretary, Manoj Ahuja, highlighted the state's expansion efforts in ports like Paradip, Gopalpur, and Dhamra, along with the development of national highways and roads.
