Modi government is going to give big relief to the companies of chemical and petrochemicals sector. Giving information in this regard, Finance Minister Nirmala Sitharaman has said that the government will consider a Production Linked Incentive (PLI) scheme for the chemical and petrochemical sector. He said that the government intends to make India a manufacturing hub for these products. The Finance Minister said that in the wake of stringent pollution control norms and rising labor costs, global manufacturers in the chemical industry are looking to diversify their products and production capacity and India is emerging as an alternative destination for manufacturing.
Addressing the third edition of the summit on the theme ‘Global Chemicals and Petrochemicals Manufacturing Hub in India’ here on Thursday, he said that apart from this, India also offers a large domestic market. He said, “We want to make India a manufacturing hub. Therefore, we will consider bringing PLI scheme on chemicals and petrochemicals. The Finance Minister said, “We have to remember that India has set a target of achieving self-sufficiency in the energy sector by 2047 and zero carbon emissions by 2070. This goal cannot be achieved unless all industries and all sectors contribute to it.
Sitharaman said, “We are focusing on green growth. There is a need to reduce the carbon intensity. In such a situation, every sector has to contribute in this. He said that India’s energy efficiency and renewable energy commitments are also very important. Indian industry should keep in mind the target of net zero emissions and 500 GW of installed electricity capacity from non-fossil fuel sources. He also urged the industry to pay attention to the hydrogen mission. The government has approved an incentive scheme of Rs 19,744 crore to encourage manufacturing of green hydrogen to cut emissions.
