The initiatives include an exclusive Technology Collaboration Portal (TCL), a centralized platform, featuring over 1,000 industries and 40 institutions, showcases cutting-edge technologies developed by research institutions.
New Delhi, [India], November 22nd 2024: The Government, on Friday, announced key initiatives aimed at fostering innovation and global competitiveness in the Indian chemical and petrochemical sector.
“The initiatives are part of the government’s broader strategy to bridge the gap between research centres and industry players” said Nivedita Shukla Verma, Secretary, Department of Chemicals and Petrochemicals at inaugural edition of ‘Chemcon Innovation Summit’, a Joint Initiative of the Department and Indian Chamber of Commerce (ICC).
The initiatives include an exclusive Technology Collaboration Portal (TCL), a centralized platform, featuring over 1,000 industries and 40 institutions, showcases cutting-edge technologies developed by research institutions. It facilitates access to these innovations and allows industries to submit tailored technology development requests.
The other major initiative announced was a new Data-Sharing Portal called ‘ChemIndia’. The portal will enhance policy decisions by collecting and analysing industry data, enabling targeted resource allocation and support for the sector.
Speaking at the event, the DCPC Secretary emphasized the department’s commitment to leveraging advanced technologies and establishing India as a leader in the global chemical industry.
“While we have established center of excellence to promote research, the true measure of success is in the technology’s transfer to industry and its widespread adoption,” the Secretary stated.
Addressing challenges like global competition, raw material constraints, and the demand for sustainable practices, the Secretary highlighted the department’s ambitious vision of contributing to India becoming a $40 trillion economy by 2040.
As part of its innovation push, the department has approved five new centers of Excellence, selected from 50 high-quality proposals submitted by top institutions. These centers aim to support MSMEs and foster a culture of technological advancement and collaboration.
The secretary also called on the industry to increase self-reliance by reducing imports and investing in research, development, and skill enhancement. She highlighted how the summit’s theme aligns with the government’s broader economic and industrial growth targets.
Playing a key role in sectors like automotive, construction, electronics, healthcare, textiles, and FMCGs, the chemicals and petrochemicals sector is crucial for India’s economic growth. “The expanding contribution of the chemical sector presents tremendous opportunities, especially in innovation and sustainable practices,” she said.
Chemcon 2024, a flagship event for the industry in the Asia-Pacific region, seeks to showcase the full potential of India’s chemical industry across various sectors, including chemicals, petrochemicals, and agrochemicals. The summit is expected to encourage forward-thinking ideas, strategic partnerships, and groundbreaking industry discussions.
The Indian chemical industry, currently valued at USD 220 billion, is forecasted to reach USD 300 billion by 2030, with a potential valuation of USD 1 trillion by 2040, signalling immense growth potential in the years ahead.