THEBUSINESSBYTES BUREAU

NEW DELHI, OCTOBER 5, 2026

The chemicals and petrochemicals sector has the potential to emerge as a key growth engine of the Indian economy and position India as a global hub for battery, speciality and semiconductor chemicals by 2040, Union Minister of State for Chemicals and Fertilizers Anupriya Patel said on Monday.

Launching the 14th edition of India Chem 2026 here, Patel said the government is committed to creating a conducive ecosystem and strengthening infrastructure for the sector as part of its efforts to make India self-reliant and realise the vision of a developed India by 2047.

The biennial flagship event of the chemicals and petrochemicals industry will be held in Mumbai from October 22 to 24.

Patel said key national initiatives, including the Critical Mineral Mission, Rare Earth Corridor, India Semiconductor Mission 2.0, National Manufacturing Mission and FDI reforms, need to be aligned to unlock the sector's potential and strengthen India's position in global value chains.

She said the BHAVYA Rasayan Scheme should not be viewed merely as an infrastructure programme but as an effort to build an ecosystem that enables the chemicals and petrochemicals industry to innovate, invest and expand.

The guidelines for the scheme have already been released, she said, urging industry stakeholders to work closely with state governments to ensure timely submission of proposals.

The minister also called upon the industry to step up spending on research and development and adopt newer technologies to enhance competitiveness.

She said the Department of Chemicals and Petrochemicals is pursuing the Department of Science and Technology to declare chemicals and petrochemicals as a priority sector so that it can benefit from the new Research Development Innovation (RDI) Scheme, which has an outlay of about Rs 1 lakh crore.

"These initiatives would contribute towards achieving the vision of developing the Indian chemical sector into a USD 1 trillion industry by 2040," Patel said.

Secretary, Department of Chemicals and Petrochemicals, Tejveer Singh said the chemicals sector forms the bedrock of India's economic growth and development, while highlighting the government's efforts to create dedicated chemical parks under the BHAVYA Rasayan Scheme.

These parks will provide best-in-class facilities, including plug-and-play infrastructure and other common facilities, with the objective of improving efficiencies and reducing production costs, Singh said.

He also stressed the importance of sustained investment in R&D for the sector's growth, innovation and global competitiveness.

The department is also working with the Department for Promotion of Industry and Internal Trade (DPIIT) on import substitution exercises, in which the chemicals and petrochemicals sector is included, he said.

Joint Secretary, Department of Chemicals and Petrochemicals, Deepankar Aron said India Chem, now in its 14th edition, aims to attract investments into the sector and facilitate business-to-business partnerships to enable stakeholders to work together towards industry growth.

FICCI National Petrochemicals & Plastics Committee Chairman and HPCL-Mittal Energy Ltd MD and CEO Prabh Das said India needs to focus on increasing production and noted that the industry has the government's full support in this endeavour.

FICCI Chemicals Committee Co-Chair and Chemplast Sanmar Ltd MD S Ganeshkumar said India's chemical sector is capable of absorbing massive capital and leveraging foreign direct investment to position the country as one of the world's most lucrative chemical industry destinations.

India Chem 2026 is being hosted by the Department of Chemicals and Petrochemicals in partnership with the Federation of Indian Chambers of Commerce and Industry (FICCI).

The three-day event will feature an international exhibition and conference, bringing together industry leaders, policymakers, investors, researchers and international participants.

The event will have sector-specific conclaves on agrochemicals, petrochemicals and speciality chemicals, besides sessions on infrastructure, environment, and process, plant and machinery.

Region-specific forums involving India-US, India-EU, India-Russia and India-Japan will also be organised.

The theme of India Chem 2026 is "Advantage Bharat: An Emerging Global Hub", reflecting India's expanding capabilities and opportunities in the global chemicals and petrochemicals sector.