The government would consider introducing Production-Linked Incentive (PLI) scheme for chemicals and petrochemicals to encourage domestic manufacturing of these products, Finance Minister Nirmala Sitharaman said on Thirsday.The government would consider introducing Production-Linked Incentive (PLI) scheme for chemicals and petrochemicals to encourage domestic manufacturing of these products, Finance Minister Nirmala Sitharaman said on Thirsday. “We are in favour of having India becoming a manufacturing hub and, of course, we’ll consider the PLI also for chemicals and petrochemicals,” Ms Sitharaman said at the summit on Global Chemicals and Petrochemicals Manufacturing Hubs in India, organised by the Department of Chemicals and Petrochemicals with the Federation of Indian Chambers of Commerce and Industry (FICCI) on Thursday. The minister added that the chemicals and petrochemicals sector invariably raised a red flag on issues such as sustainability, carbon emissions, general pollution and groundwater contamination, and it was important that the sector took note of these concerns. “We should remember that India has set its sights on becoming energy independent by 2047 and achieving net-zero (carbon emissions) by 2070,” she said. Ms Sitharaman said that net-zero emissions could not be achieved unless each and every sector – including chemicals and petrochemicals – contributed to the effort. She said India was very focused on green growth and reducing carbon intensity. With India expected to add 500 gw of non-fossil electricity generation capacity, she urged the industry not to rely on fossil fuels for their future ventures. The government has so far announced 14 PLI schemes, aimed at encouraging local manufacturing and cutting imports, telecommunication, electronics, white goods, textile and pharmaceuticals, among others. India’s combined exports of chemicals and petrochemicals rose by 2 per cent to $9 billion in FY23 (till September 2022), the minister said. Imports in this sector increased to $13.33 billion.

The government would consider introducing Production-Linked Incentive (PLI) scheme for chemicals and petrochemicals to encourage domestic manufacturing of these products, Finance Minister Nirmala Sitharaman said on Thirsday. 

“We are in favour of having India becoming a manufacturing hub and, of course, we’ll consider the PLI also for chemicals and petrochemicals,” Ms Sitharaman said at the summit on Global Chemicals and Petrochemicals Manufacturing Hubs in India, organised by the Department of Chemicals and Petrochemicals with the Federation of Indian Chambers of Commerce and Industry (FICCI) on Thursday. 

The minister added that the chemicals and petrochemicals sector invariably raised a red flag on issues such as sustainability, carbon emissions, general pollution and groundwater contamination, and it was important that the sector took note of these concerns. 

“We should remember that India has set its sights on becoming energy independent by 2047 and achieving net-zero (carbon emissions) by 2070,” she said. 

Ms Sitharaman said that net-zero emissions could not be achieved unless each and every sector – including chemicals and petrochemicals – contributed to the effort. She said India was very focused on green growth and reducing carbon intensity. 

With India expected to add 500 gw of non-fossil electricity generation capacity, she urged the industry not to rely on fossil fuels for their future ventures. 

The government has so far announced 14 PLI schemes, aimed at encouraging local manufacturing and cutting imports, telecommunication, electronics, white goods, textile and pharmaceuticals, among others. 

India’s combined exports of chemicals and petrochemicals rose by 2 per cent to $9 billion in FY23 (till September 2022), the minister said. Imports in this sector increased to $13.33 billion.