The CII Chemical Summit brought together key leaders and stakeholders from the chemical industry to discuss its transformative role in India's journey towards becoming a developed nation by 2047.
Shri Mukeshbhai Zinabhai Patel, Hon'ble Minister of State for Forest and Environment, Climate Change, Water Resources, and Water Supply, Government of Gujarat, while addressing the inaugural session of the CII Chemical Summit, said, "The chemical sector will play a major role in paving the way for India to become a developed nation by 2047, and industry support is crucial to achieving this goal."
He further emphasised that all stakeholders must collaborate to achieve a $2 trillion domestic chemical sector by 2047. He underlined the importance of encouraging India's youth to play an integral role in the sector's growth. Shri Patel also addressed the prevailing challenges and stressed the need to shift the perspective of state governments, which often view chemical sector investments as contributors to pollution. He highlighted that the Government of Gujarat is taking proactive measures and working closely with the industry to address environmental concerns.
The Deep Sea Project, approved by the Government of Gujarat, is helping address the issue of industrial waste. Shri Patel expressed confidence that the project will ensure new investments and expansion opportunities in chemical clusters across Gujarat. He also called for a strategic partnership between the industry and government to align efforts with the broader goal of achieving net-zero emissions.
Venkatadri Ranganathan, Co-Chairman of the CII WR Sub-Committee on Chemicals 2024-25 and CCO of Tata Chemicals, remarked, "As a cornerstone of modern society, the chemical industry plays a vital role, encompassing a diverse spectrum of organisations and enterprises that innovate, develop, and manufacture an extensive array of chemical products." He noted the industry's transformative focus on ESG standards, highlighting its commitment to sustainable progress. For India, particularly the Western region, embracing digitisation will strengthen its leadership position and attract investments in emerging sectors such as speciality chemicals and green technology.
Vikram Handa, Managing Director of Epsilon Carbon, stated, "The opportunity for making battery materials lies solely in the chemical sector, and India possesses significant strengths in technical expertise and manpower that can scale this industry substantially." He also highlighted India's well-established ecosystem of chemical industrial zones and supporting infrastructure, such as effluent treatment plants, as a unique advantage that must be leveraged.
Bhavana Bindra, Managing Director, India, Middle East, and Africa at The Lubrizol Corporation, reflected on the challenges faced by the chemical sector during the pandemic, noting the shift in demand patterns and the impact of the current geopolitical scenario. She emphasised the need for closer collaboration between the industry, government, and regulators to address these challenges. Bindra highlighted India's strong global growth prospects and stressed the importance of investing in resources to drive innovation. She further added that innovation must extend beyond products to include business models, tools, and processes. On sustainability, she remarked, "It is not just a regulatory or shareholder demand but a necessity for meeting end consumer expectations."
Siddhartha Ghosal, CEO & Country President of Dow India, commented, "ESG is driving the growth of the chemical sector and is aligned with the industry's development." He emphasised the importance of sustainability alongside corporate governance, diversity, equity, inclusion (DEI), and community-based development. Additionally, he highlighted the critical role of technology in enhancing productivity and advancing the chemical sector.
This dialogue at the CII Chemical Summit underscored the sector's pivotal role in India's economic progress, with a shared focus on innovation, sustainability, and collaboration.
