Huge investment opportunities in petrochemical industry in India: Mandaviya

Union Minister for Chemicals and Fertilizers Mansukh Mandaviya on Friday invited foreign companies to invest in India’s petrochemical industry. He said that there are lot of business opportunities in this area. Addressing the ‘Asia Petrochemical Industry Conference 2023’, Mandaviya said that the Modi government is farmer friendly, poor friendly as well as pro-industry. He said that the government is formulating long-term policies to attract investment from domestic and foreign companies in the chemical and petrochemical sector. The minister asked the industry to adopt the path of recycling for eco-friendly development.

Mandaviya said, “India is poised to become the new destination for petrochemicals globally. Due to its business-friendly policies, India is viewed by the world as a reliable partner and a primary destination for investment.” He said that the Indian chemical manufacturing industry has indeed been one of the emerging global manufacturing hubs for petrochemicals. The Union Minister said, “Today, India is promoting ease of doing business. Government of India has taken a truly industry friendly step by reducing government interference and through various other measures such as reduction in corporate tax, reduction in compliance burden and policy changes.”

The Minister said that India is determined to be a reliable partner in the world in the global supply chain of chemicals and petrochemicals. Mandaviya stressed that this is the best time to invest in India with such a large population. He said, “India in itself is a big market for investment. We are finding ways to enter into free trade agreements with many countries.

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