Mumbai, Oct 4 (IANS) President Pranab Mukherjee Thursday called on the Indian chemical industry to promote sustainable development by investing in green technologies.
Speaking in Mumbai, after inaugurating the India Chem 2012, the president said the industry must ensure increased adherence to safety and international health and environmental standards.
"The Indian chemical industry would need to set targets and standards and take up research and collaborations without delay," he said.
The president pointed out that with Asia's share in the global chemical industry increasing from 31 percent to 45 percent, India has emerged as one of the focus destinations for chemical companies worldwide.
"The global chemicals market is estimated at about US$3.4 trillion. The Indian chemical industry, valued at $108 billion, accounts for only three percent share of the global market," he added.
"This is a very good reason for the policy makers and the industry to take the lead and prepare a road map," he added, urging the industry to increase its spend on research and development from the current level of 1-2 percent to 5-6 percent of the annual turnover.
Pranab Mukherjee said the chemical and petrochemical industry had a very important role to play in increasing the share of manufacturing from the present level of 16 percent to 25 percent, according to the National Manufacturing Policy.
He said the National Chemical Policy was being prepared and would include measures to facilitate this.
"Virtually all sectors of the economy are closely connected if not directly dependent on the chemicals sector for their sustenance. This sector provides them a variety of raw material and key input in the form of chemical products and enabling technical solutions," he said.
The president emphasised that the chemical industry was also one of the most diversified sectors, covering thousands of commercial products and that it was the mainstay for the industrial and agricultural development of the country.
"It provides building blocks for several downstream industries like textile, paper, paint, soap, detergent, pharmaceutical and varnish. Similarly, the petrochemicals and plastic industry is making significant contribution to many sectors including agriculture, horticulture, healthcare and construction industry," he said.
The three-day conference is organised by the Department of Chemicals & Petrochemicals and the Federation of Indian Chambers of Commerce and Industry (FICCI). In its seventh edition, the conference is organised every alternate year.
India Chem 2012 focuses on clean coal technologies, opportunities in the PCPIR (Petroleum, Chemicals and Petrochemicals Investment Region), growth and investment opportunities in upstream and downstream petrochemicals.
Japan is the partner country at of the conference, while Gujarat, Andhra Pradesh and Odisha are the partner states.
Maharashtra Governor K. Sankaranarayanan, Chief Minister Prithviraj Chavan, Union Minister for Chemicals and Petrochemicals M.K. Alagiri, Minister of State Shrikant Jena and Chemicals & Petrochemicals Secretary K. Jose Cyriac were among those present at the event.
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