‘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.

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