Odisha Poised to Lead Petrochemical Sector by 2047: Anupriya Patel

GG News Bureau
Bhubaneswar, 6th Sept. Union Minister Anupriya Patel declared on Friday that Odisha is set to emerge as a leading player in the petrochemical industry, which is projected to reach USD 1 trillion by 2047. Speaking at the “Advanced India: Indian Chemicals and Petrochemicals Paving the Future” conference, Patel emphasized the state’s strategic advantages, including its skilled workforce and key coastal location.

The minister, who oversees the Ministry of Chemicals and Fertilizers, highlighted the potential for Odisha to become a major hub in chemicals and petrochemicals, offering vast opportunities for manufacturing, employment, and exports. She noted that the current sector, valued at USD 220 billion, is expected to grow significantly, buoyed by government efforts to enhance domestic manufacturing and reduce import dependency.

Patel also drew attention to the upcoming India Chem 2024 summit, set to be held in Mumbai from October 17-19. The event, resuming after a two-year hiatus, is anticipated to draw substantial global interest with over 200 participating companies and more than 7,000 visitors. The summit will feature B2B and B2G meetings, a global CEO forum, and discussions with international representatives from Japan, Korea, Brazil, Argentina, and the UAE.

Odisha’s Industries, Skill Development and Technical Education Minister, Sampad Charan Swain, elaborated on the state’s industrial advancements and incentives for the petrochemical sector. He detailed improvements in infrastructure, port systems, and electricity tariffs, alongside efforts to develop skilled manpower and invest in green technologies aimed at achieving net-zero carbon targets.

Nivedita Shukla Verma, Secretary of the Ministry of Chemicals and Fertilizers, emphasized the significance of the petrochemical sector, which contributes 8% to India’s manufacturing and 3% to global sales. She noted that the sector is one of the fastest-growing markets globally and stressed the government’s commitment to doubling petrochemical exports within the next decade.

Ministry of Chemicals and Fertilizers Joint Secretary Deepankar Aron revealed that the India Chem 2024 event will also include a job fair for the first time, showcasing over 40 Odisha-based organizations and industry associations.

Odisha Chief Secretary Manoj Ahuja highlighted the state’s ongoing expansion efforts, including the development of ports such as Paradip, Gopalpur, and Dhamra, and improvements in national highways and roads. He reiterated the state’s focus on enhancing the ease of doing business and attracting investments, particularly in the burgeoning petrochemical sector.