The Government of India would soon come out with a new chemical policy in order to give a boost to the sector, whose contribution to the country’s GDP has decreased in recent years.
The Government would come out with a new chemical policy that would cover all aspects of the industry, including patents, innovations, R&D, and external trade, Mr. Ajay Vara Prasad, Joint Secretary in Department of Chemicals and Petrochemicals, told PTI, Economic Times reported.
The new policy would also cover basic and specialty chemicals, as well as knowledge intensive technologies, Mr. Prasad said on the sidelines of an event held in connection with the third edition of India Chem Gujarat.
He said the draft policy would be made public soon and once the policy is implemented by the Government, it would pave way for a lot of new initiatives for the sector.
The growth of India’s chemical sector has declined from the earlier 15 percent levels to around 5 percent now, and the Government intends to double the sector’s growth to around 11 percent, he said.
India Chem Gujarat is scheduled to be held from October 24-26, 2013 in Gandhinagar. The theme for the third edition is ‘Green Chemistry’.
The chemical and petrochemical sector in India has an annual turnover of over US$ 100 billion, and it accounts for one-eighth of the country’s industrial production.
The state of Gujarat accounts for around half of the overall chemical production in India.
Chemicals and petrochemicals are used in the manufacturing of several industrial goods, including textiles.
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