Finance Minister Nirmala Sitharaman has said that the government will consider the Production Linked Incentive (PLI) for the chemicals and petrochemicals sector to make India a manufacturing hub.
Addressing the 3rd edition of the summit on Global Chemicals and Petrochemicals Manufacturing Hubs in New Delhi, Ms Sitharaman said, the existing size of this sector will have a major impact on the economy as it has 80 thousand products in the market. She said the world is looking towards India for alternative investment destinations because it has a large domestic market.
The PLI Schemes have led to a significant increase in production, employment generation, and exports in the country. The government has implemented the scheme in 14 sectors with an incentive outlay of one lakh 97 thousand crore rupees to strengthen their production capabilities.
The Minister said, India has set a target to become energy independent by 2047 and achieve net zero by 2070. Mrs. Sitharaman added that net zero can not be achieved unless each industry and sector contribute to it. She said, the government is focussing on green growth.
