Piyush Goyal Calls on Petrochemical Industry to Drive India’s Tech Leadership

Drawing parallels with advanced economies, Shri Goyal remarked that nations that lead globally do so by investing in innovation.

Delivering the keynote address at the 7th Indian Chemicals and Petrochemicals Conference, organized by the Confederation of Indian Industry (CII), Union Minister of Commerce and Industry, Shri Piyush Goyal, emphasized the sector’s pivotal role in advancing India’s journey toward Viksit Bharat 2047 — a vision of becoming a developed, innovation-led nation.

The Minister highlighted that the chemicals and petrochemical industry holds immense potential to be at the forefront of technological innovation, driving India’s position as a global provider of cutting-edge solutions for diverse industries including agriculture, healthcare, construction, energy, and infrastructure.

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Government Policies Driving Balanced and Inclusive Growth

Reaffirming the government’s commitment to balanced economic development, Shri Goyal noted that policy frameworks are designed to ensure inclusive growth, benefiting all sections of society while strengthening India’s domestic economy. He pointed to the International Monetary Fund’s (IMF) recent upward revision of India’s growth forecast to 6.6% for 2025 — up from the earlier projection of 6.4% — as a testament to India’s robust fundamentals and resilience amidst global uncertainties.

“India’s growth story is being recognized globally. Our focus on manufacturing, innovation, and entrepreneurship is ensuring that the benefits of development reach every citizen,” the Minister said, adding that technology, research, and innovation are essential pillars of long-term economic transformation.

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Technology, R&D, and Innovation as Catalysts for Progress

Drawing parallels with advanced economies, Shri Goyal remarked that nations that lead globally do so by investing in innovation. He emphasized that India must emulate this model to achieve its ambitious development goals, particularly in the chemicals and petrochemical domain, which serves as the foundation for countless industries.

He highlighted that even oil-rich countries are increasingly diversifying into value-added petrochemical products, clean energy, and climate-resilient technologies, signaling a global transition toward innovation-driven and sustainable industrial models.

“While the world economy may experience cycles of growth and contraction, the commitment to combating climate change and advancing technology will always remain constant,” Shri Goyal noted, calling on Indian industries to place science, R&D, and sustainability at the core of their operations.

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The Strategic Role of the Chemicals and Petrochemical Industry

Shri Goyal acknowledged the sector’s multi-sectoral influence, describing it as a “backbone of industrial progress” that permeates almost every aspect of modern life — from fertilizers and pharmaceuticals to packaging, paints, plastics, textiles, and mobility.

“The chemical industry’s output is omnipresent — directly or indirectly influencing every part of the manufacturing and consumption ecosystem,” he said.

The Minister urged stakeholders to map their global strengths, identify niche areas for competitive advantage, and focus on value-added exports. He encouraged the industry to pursue leadership in global trade, moving beyond modest contributions to make India a key supplier in global value chains.

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Strengthening Supply Chain Resilience and Global Integration

Shri Goyal underscored the importance of supply chain resilience, warning against over-dependence on a limited number of suppliers or countries. “Diversification and domestic capacity building are essential to ensuring both self-reliance and global competitiveness,” he asserted.

He clarified that while certain strategic products may require domestic safeguards, India’s larger economic objective is to remain deeply integrated with global markets to promote efficiency, competitiveness, and innovation.

He highlighted the government’s strategic approach to trade negotiations, referencing India’s recent and ongoing Free Trade Agreements (FTAs) with Mauritius, the UAE, Australia, the UK, Switzerland, Iceland, Norway, and Liechtenstein. These trade engagements, he explained, are structured to open new markets for Indian products, attract foreign investment, and promote technology exchange, while ensuring domestic industry stability.

“Our aim is to strike a delicate balance — enabling Indian businesses to expand internationally while protecting domestic industries and the interests of 140 crore citizens,” he said.

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Encouraging Industry Collaboration and Reform

The Minister called upon industry participants to work collaboratively across value chains to raise concerns about predatory pricing, dumping, and non-tariff trade barriers that hinder Indian exports. He assured that the government remains responsive to such challenges and will take timely remedial actions to protect industry interests.

Shri Goyal also invited the industry to submit proposals for simplifying procedures, reducing compliance burdens, and decriminalizing minor business infractions, all of which contribute to improving the ease of doing business and encouraging entrepreneurship.

Highlighting government reforms in patent processing and intellectual property rights (IPR), he said that India has significantly shortened approval timelines and enhanced transparency, fostering innovation and accelerating commercialization of new technologies.

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India’s Roadmap to Becoming an Innovation-Driven Economy

The Minister emphasized that sustainability and technological innovation are no longer optional but necessary for economic leadership. He urged the chemicals and petrochemical industry to invest in green chemistry, circular economy models, renewable feedstock, and carbon capture technologies to future-proof India’s industrial ecosystem.

“Science and innovation are the backbone of India’s transformation. The chemical sector must pioneer technologies that serve both industry and environment,” he stated.

Shri Goyal reiterated that under Prime Minister Narendra Modi’s visionary leadership, India is adopting a whole-of-government approach to foster inclusive, sustainable, and globally competitive growth.

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Towards Viksit Bharat 2047

Concluding his address, Shri Piyush Goyal reaffirmed the government’s unwavering commitment to enabling the chemical and petrochemical sector to reach global leadership status. He envisioned a future where innovation-driven industries propel India into the league of advanced economies.

“As we move toward Viksit Bharat 2047, every sector must embrace innovation, self-reliance, and sustainability,” he said. “With our strong fundamentals, young talent, and proactive policies, India is well on its way to becoming a global leader in science and technology.”

The conference concluded with an industry-wide consensus that the Indian chemicals and petrochemical sector will continue to play a transformative role in driving innovation, exports, and sustainable growth — aligning with India’s broader mission of economic resilience and global excellence.