Chemicals & Fertilizers Minister D V Sadananda Gowda has said that it is a good time to invest in India's chemical sector that has huge growth potential. He noted that specialty chemicals is one of the areas where huge potential for growth lies. He also said that it is a good time to invest in the country when the government is focusing on self-sufficiency in domestic production.
The minister stated that the past couple of decades have seen a significant shift in the manufacturing of chemicals, particularly the specialty chemicals from EU and North America, to Asia. He also said that the Indian chemical industry has a huge role to play to make India a $5 trillion economy, with a potential to contribute $300 billion to the GDP by 2025 as compared to $160 billion at present.
Gowda further said India is looking forward to incentivising manufacturers, through Production Linked Incentives (PLIs) and development of infrastructure facilities, to set up the entire value chain of drug production in upcoming three bulk drug parks.
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