-By Mansi Suryavanshi.
Petrochemical companies have a promising future and enormous opportunities ahead of them, but they must take a pro-earth stance, according to Dr. Mansukh Mandaviya, India’s minister for chemicals and fertilizers. He stated today in New Delhi at the Asia Petrochemical sector Conference (APIC) 2023 that the sector should engage in research and development for reclaim, reuse, and recycling in their processes.
Dr. Mandaviya exhorted the sector to concentrate on bolstering “Brand India” by embracing the motto of “Pro Planet People” and taking the initiative for reclamation, reuse, and recycling. He emphasized the petrochemical industry’s development trajectory and said that it is doing well. He exhorted the sector to make investments in R&D. He claimed that the sector should adopt a creative strategy because the government cannot assume responsibility for environmental preservation alone.
He said India is rising as a supply center and the government is providing favorable conditions for industrial development. He invited both local and international direct investment in the sector. Due to its massive population and sizable middle-class population, India offers investors a sizable market. The government, according to him, has introduced the Production Linked Incentive (PLI) plan for the chemical industry. Additionally, he noted Gati Shakti, another government programme for industrial growth.
The conference’s honorary guest speaker was the minister of petroleum and natural gas, Hardeep Singh Puri. He said that India’s petrochemical sector is expanding quickly. The demand for petroleum products will rise by around 25% during the next two decades. The industry must overcome obstacles including affordability and sustainability. India is capable of overcoming these obstacles. He said that during the epidemic, India not only immunized its sizable population but also provided vaccinations to the rest of the world at incredibly low costs. During that time, there was no energy crisis in the nation since it handled the problem expertly. According to him, the petrochemical sector in India is expanding at a CAGR of 10%.
Prior to giving the welcoming speech, Prabh Das, MD & CEO of HPCL-Mittal Energy Limited, informed the audience about the state of the industry today, as well as its prospects and difficulties. The group heard remarks from Kamal P. Nanavaty, president of the Chemicals and Petrochemicals Manufacturers Association of India (CPMA). Over the course of the two days of the conference, which had around 1,000 participants in attendance, several elements and problems affecting the petrochemical sector were explored in various technical sessions.
The Federation of Thai Industries Petrochemical Industry Club (FTIPC), the Singapore Chemical Industry Council (SCIC), the Japan Petrochemical Industry Association (JPCA), the Korea Petrochemical Industry Association (KPIA), the Petrochemical Industry Association of Taiwan (PIAT), the Malaysian Petrochemicals Association (MPA), and the Singapore Chemical Industry Council (SCIC) were also represented at APIC 2023.
Reliance Industries Limited (RIL), a significant Indian petrochemical company, served as the event’s Diamond Sponsor.