New Delhi, Oct 15 (NationPress) The Minister of Commerce and Industry, Piyush Goyal, stated on Wednesday that the chemical and petrochemical sector is poised to lead in the innovation of new technologies, potentially positioning India as a pioneer in delivering advanced solutions for both the economy and industry.

In his keynote address at the 7th Indian Chemicals and Petrochemicals Conference held by CII, Goyal emphasized that the government’s policies are crafted to promote balanced growth that positively impacts all segments of society, bolsters the domestic economy, and enhances India’s stature on the global platform.

Recognizing the immense potential of the chemical and petrochemical industry and its critical role in the country’s overall progress, Goyal pointed out that this sector has extensive applications and repercussions across various industries, such as agriculture, healthcare, infrastructure, construction, energy, and mobility.

He underscored that the products and services of this sector are ubiquitous, influencing nearly every facet of the manufacturing and consumption landscape.

Goyal also called on industry leaders to evaluate their capabilities and pinpoint areas where India could establish a competitive edge internationally. He stressed the importance of the sector aspiring for leadership in global trade by boosting India’s share in worldwide exports and transcending the current modest contributions.

He noted that even oil-rich countries are investing in value-added products, clean energy, renewable energy, and technologies addressing climate change, highlighting a global transition towards innovation-led growth. Goyal remarked that while the world economy is subject to fluctuations, the imperative to tackle climate change and progress technologically remains unwavering.

The minister delineated the government’s ongoing commitment to negotiating free trade agreements and broadening India’s presence in global trade. He referred to agreements with several nations and regions, including Mauritius, the UAE, Australia, Liechtenstein, Norway, Iceland, Switzerland, and the United Kingdom.

Goyal elaborated that these trade partnerships aim to unlock markets for Indian goods, attract technology and investments, and cultivate collaboration in innovation-driven fields while safeguarding domestic industries from unnecessary risks.