‘Chemical industry needs increase R&D spend,’ feels Pranab Mukherjee

‘Chemical industry needs to increase R&D spend,’ feels Pranab Mukherjee

6:38 PM, 4th October 2012
‘Chemical industry needs to increase R&D spend,’ feels Pranab Mukherjee
Pranab Mukherjee, President of India, speaking during the inauguration ceremony of 'India Chem 2012' conference.

MUMBAI, INDIA: Pranab Mukherjee, President of India, called upon the chemical industry to invest in sustainable technologies and asked the industry to widely adopt ‘green technologies.’ Mukherjee also expressed hope that the Indian economy will back in path of steady growth soon, while addressing the industry and media gathering, after inaugurating the ‘India Chem 2012’ conference.

“Our National Manufacturing policy envisages increasing the share of manufacturing from the present level of 16 per cent to 25 per cent in GDP by 2025 and creation of 100 million additional jobs by the manufacturing sector by 2022,” he said.

Speaking about the chemical sector, “The chemical sector has an important role to play in this endeavour. I understand the National Chemical policy is currently under preparation and will include measures to facilitate this,” said Mukherjee, on his maiden visit to Mumbai after becoming the President of India. He also called upon the chemical industry to increase its spend on research and development from the current level of 1-2 per cent to 5-6 per cent of the annual turnover.

The aim of chemical industry should be to bring new products that are competitive in the international market. For achieving this, the government has taken several pro-active steps in expanding R&D and infusing energy and support for human resource training institutions.

Efforts should be made to nurture the talent and make sure that the skill development programme matches the growth requirement of the industry, he added.

With Asia’s share in the global chemical industry increasing from 31 per cent to 45 per cent, India has emerged as one of the focus destinations for chemical companies worldwide. The Indian chemical industry, currently valued at $108 billion accounts for only 3 per cent share of the global market. “This is a good reason for the policy makers and the industry to take the lead and prepare a road map,” he said.

India Chem 2O12 has brought together policy makers, chemical industry leaders from India and abroad to debate and deliberate the issues concerning future of chemical and petrochemical industry. It is organized jointly by the Department of Chemicals and Petrochemicals, Government of India and FICCI. The three day International Conference will also focus on clean coal technologies, opportunities in PCPIR regions, growth and investment opportunities in upstream and down stream petrochemicals. Japan is the partner country at INDIA CHEM 2012, while Gujarat, Andhra Pradesh and Odisha (Orissa) are the partner states.

© WOC News

0 Comments

Login

Your Comments (Up to 2000 characters)
Please respect our community and the integrity of its participants. WOC reserves the right to moderate and approve your comment.

Related News


Romania’s privatization of Oltchim fails

VALCEA, ROMANIA: Victor Ponta, Prime Minister of Romania announced the sale of the petro-chemical plant, Oltchim has been cancelled and the privatizat ...

Read more
Sinopec shuts down three plants over pollution issues

BEIJING, CHINA: Sinopec, China’s largest oil company, has ordered three subsidiaries in Guangdong province to shut operations and correct proble ...

Read more
Honeywell acquires Thomas Russell majority stake for $525 million

MORRISTOWN, US: Honeywell’s UOP will purchase a 70 per cent stake in Thomas Russell Co, a privately-held, leading provider of technology and equ ...

Read more
3M acquires advanced technical ceramics maker, Ceradyne

ST PAUL/COSTA MESA, US: 3M will acquire Ceradyne Inc for $35 per share. The proposed transaction has an aggregate value of approximately $860 million, ...

Read more
Mitsubishi Gas Chemical to stop coenzyme Q10 production

TOKYO, JAPAN: Mitsubishi Gas Chemical Company is withdrawing from the manufacture and sale of coenzyme Q10, a material for medicines and health food. ...

Read more
Linde acquires Canadian firm, Contact Welding Supplies

MISSISSAUGA, CANADA: In a move to strengthen its presence in Southwestern Ontario, Linde Canada Ltd has acquired Contact Welding Supplies Ltd, an inde ...

Read more
www.worldofchemicals.com uses cookies to ensure that we give you the best experience on our website. By using this site, you agree to our Privacy Policy and our Terms of Use. X