Chemical industry Key to India’s Tech-led Growth: Piyush Goyal

Union Minister of Commerce and Industry Piyush Goyal has called on the chemical and petrochemical industry to lead India’s next phase of technology and innovation-driven growth. Speaking at the 7th Indian Chemicals and Petrochemicals Conference organised by CII, he said the sector holds immense potential to strengthen India’s global leadership and contribute to the vision of Viksit Bharat 2047.

Highlighting the International Monetary Fund’s upward revision of India’s growth forecast to 6.6% for 2025, Goyal said it reflects the country’s strong fundamentals and economic resilience. He noted that innovation and advanced technology remain key to achieving sustainable, inclusive growth.

The Minister emphasised that the chemical and petrochemical sector underpins India’s industrial ecosystem — from agriculture and healthcare to energy, infrastructure, and mobility — and urged industry players to build global competitiveness and expand India’s share in exports.

He also underlined the importance of supply chain diversification and self-reliance to prevent over-dependence on limited sources, while maintaining integration with global markets. The Government, he added, is actively pursuing free trade agreements with multiple nations to boost exports, attract investment, and foster technology partnerships. Goyal encouraged the industry to collaborate across value chains, raise issues related to predatory pricing or non-tariff barriers, and contribute ideas for reducing compliance burdens and improving ease of doing business. He cited ongoing reforms in intellectual property and patent processes as examples of modernisation supporting innovation. Concluding his address, Goyal reaffirmed the Government’s commitment to sustainable and inclusive growth, guided by Prime Minister Narendra Modi’s vision of transforming India into a developed economy by 2047.