'India Can Be Global Leader In Chemicals, Petrochemicals'

BANGALORE: India has the potential to become one of the top five countries in the chemicals and petrochemicals industry, Minister for Chemicals and Fertilisers Ananth Kumar said.

"The chemical industry is the backbone of the country and adopting forward looking policies and following the right approach, it can aspire to rub shoulders with the likes of China, Japan, Germany and the US," he said.

The minister was speaking here Friday at the launch of the forthcoming three-day India Chem 2014 International Conference, to be held Oct 9-11. He added the government was preparing a policy framework to boost growth in the chemical-petrochemical sector and expressed optimism the forthcoming union Budget will have certain incentives for the industry.

"The philosophy of the new government is that it should not function merely as a regulator but should act as a facilitator," the minister said.

Ananth Kumar said his ministry has proposed a plan to establish "reverse SEZs" in Iran and Myanmar, from where the Indian chemical industry can source its materials in a cost-effective manner. In this connection, his ministry will write to the ministry of external affairs and take up the matter with Iran and Myanmar to establish the "reverse SEZs", which will prove to be a win-win situation for both sides.

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