New Delhi: In a powerful address to industry leaders Union Minister of Commerce and Industry Piyush Goyal laid out a bold vision for India’s chemical and petrochemical sector positioning it as a key driver for the nation’s ambition to become a global leader. Speaking at the 7th Indian Chemicals and Petrochemicals Conference, Goyal delivered a clarion call for the industry to embrace technology and innovation not just for growth but to secure India’s place on the world stage. His optimism was bolstered by the International Monetary Fund (IMF) recently upgrading India’s growth forecast to 6.6%, a move he cited as clear evidence of the country’s solid economic footing and resilience.
Balancing Self-Reliance with Global Ambition
At the heart of Goyal’s message was the delicate but crucial balance between protecting domestic industries and competing globally. “Our policies are aimed at ensuring balanced growth that benefits everyone,” he explained urging industry captains to identify areas where India can build a real competitive edge.
He stressed the importance of creating robust and diversified supply chains to avoid over-reliance on any single country. While acknowledging that some domestic protections are necessary for self-sufficiency Goyal was clear that integration with global markets is essential for achieving true efficiency and growth. He pointed to free trade agreements with nations like the UAE, Australia and the UK as strategic moves designed to open up new markets for Indian goods and attract vital investment and technology.
A Partnership for Progress
This isn’t just a top-down mandate; Goyal framed it as a partnership. He extended a firm assurance of the government’s support promising to intervene against unfair trade practices like dumping to protect the interests of Indian businesses.
In return, he called upon the industry to be proactive, inviting them to suggest ways to simplify procedures and reduce the compliance burden to improve the ease of doing business. “Science, research, development and innovation are the backbone of India’s journey to become an advanced nation” Goyal remarked, reaffirming his belief that under the visionary leadership of Prime Minister Narendra Modi the country is well on its way to achieving the dream of a ‘Viksit Bharat’ (Developed India) by 2047.
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