Ministry mulling PLI scheme for chemical sector: Mansukh Mandaviya

New Delhi: Chemicals and Fertilisers Minister Mansukh Mandaviya on Friday said the ministry is planning to bring production linked incentive (PLI) scheme for the chemical sector to boost domestic production and exports.

Addressing a seminar, the minister said the government has launched PLI schemes for different sectors to make Indian self-reliant.

"We are thinking how to bring PLI scheme in the chemical sector. We have started working in this direction," said Mandaviya, who heads the health ministry as well.

Speaking on the sidelines of the event, he said the ministry is working towards this but the final decision will be taken by the government.

Mandaviya said the objective is to ensure that all core chemicals are manufactured in India for domestic as well as global markets.

Last year, the government launched a PLI scheme for 13 sectors with commitments of financial outlay of Rs 1.97 lakh crore in the 5 years starting 2021-22.

Mandaviya was addressing a seminar 'Industry Connect 2022: Industry and Academia Synergy' organised by his ministry in association with Central Institute of Petrochemicals Engineering & Technology (CIPET) and FICCI.

Mandaviya stressed on greater synergy among the government departments, CIPET, industry and academia for the holistic development of this "sunrise" sector.

The minister said the sector has an important role to play in helping the country become a USD 5 trillion economy.

The chemical and petrochemical sector provides raw materials to many industries, he added.

Mandaviya emphasised on the need to make India a global manufacturing hub for meeting domestic demand as well as exports. The minister also pointed out that the logistics cost in India is higher compared to other countries', making exports uncompetitive.

Mandaviya said the government is making huge investments to develop road, railways and waterways infrastructure in a holistic way.

The minister said the government is industry-friendly and respects wealth creators and employment generators.

Talking about the pandemic, Mandaviya said the number of cases has come down and the vaccination programme is running exceedingly well.

He said India has successfully handled the pandemic and it is being praised for best COVID management in the world. Also Read: Paytm gets 'Overweight' rating from JPMorgan; target price set at Rs 1,350

Minister of State for Chemicals and Fertilisers Bhagwanth Khuba also highlighted the steps taken by the government for making India Aatmanirbhar. Also Read: PM Kisan 11th installment coming soon: Check process to do e-KYC, without which money won't be credited

 

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