With a Focus on ESG, Chemical Sector will Drive India’s Vision of a Viksit Bharat by 2047: Minister

 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 CII Chemical Summit said, “Chemical sector will play a major role in paving a way forward for India to be a developed nation by 2047 and industry support is crucial to achieve this goal”.
He also expressed that all the stakeholders must work together in achieving the $2 trillion strong domestic chemical sector by 2047. It is important to encourage the youth of India to play an integral role in the growth of the chemical sector. He also stressed upon the challenges prevailing and how there is a need to change the perspective of the state governments that bringing in investment in the chemical sector will lead to pollution in the state. He mentioned that the Government of Gujarat is taking up several measures and working closely with the industry to address the environment related issues.
The Deep Sea Project approved by the Government of Gujarat is heling to solve the issue of industrial waste and we believe that the deep-sea discharge project will ensure new investments and expansion projects in chemical clusters in Gujarat. There is also a need to work togther with the industry and adopt a strategic plan that aligns with the broader goal of achieving net-zero emissions.
Mr Venkatadri Ranganathan, Co-Chairman – CII WR Sub Committee on Chemicals 2024-25 & CCO Tata Chemicals, in his address said that “As a cornerstone of modern society, the chemical industry plays a vital role, encompassing a diverse spectrum of organizations and enterprises that innovate, develop, and manufacture an extensive array of chemical products.” The chemical industry is embracing a profound and transformative focus on ESG standards, underscoring its commitment to sustainable progress as a long standing front runner in addressing global challenges. For India and especially the Western region, as a industrial hub of pre-eminence, embracing digitization will amplify its leadership position and attract investments into emerging sectors like speciality chemicals and green technology.
Mr Vikram Handa, Managing Director, Epsilon Carbon in his address said, “There is a need to realise that the opportunity for making battery materials lies only in the chemical sector and India has the real strength in terms of technicality and man-power that can significantly increase the scale of this industry”. He further highlighted that there is a wonderful ecosystem that has been built within India on industrial zones, specifically chemical industrial zones, infrastructures around Effluent Treatment Plants and other things around that, and this is an opportunity which we should really focus upon and try to develop in India.
Ms Bhavana Bindra, Managing Director – India, Middle East and Africa, The Lubrizol Corporation said that “Chemical sector was adversely impacted during the pandemic due to the shift in the demand patterns and with the current geo-political scenario, it has become important for the industry to work closely with the government and regulators so that we are able to address the issues. The good news from an Indian perspective is that when you look globally, then relative to all the projections from the industry globally, India is ahead in terms of growth perspective. She further said that investing in resources that can drive innovation in the chemical sector is essential and innovation cannot only be focused on products, there are business models, tools, different processes that require innovation. She also emphasized on sustainability not because of the regulatory or shareholders demands but for the end consumer.
Siddhartha Ghosal, CEO & Country President, Dow India said, “ESG is driving the growth of the chemical sector and is aligned with the development of the industry. Apart from ESG, corporate governance, DEI and community-based development, sustainability is equally important for the growth of the sector. He also emphasized the use of technology which will greatly help in enhancing the productivity in this sector.

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