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India to become the destination of global investment says UM Mandaviya

EconomyIndia to become the destination of global investment says UM Mandaviya

India is to become the destination of global investment says Mansukh Mandaviya, Union Minister of Chemicals & Fertilizers.

Union Minister, Mansukh Mandaviya asserted that India is to become the destination of global investment and the world is ready to partner with India as global business leaders are confident in investing in the country.

He stressed that India needs further economic reforms to ensure sustainable growth “Concentrated efforts by India to fortify the business and encourage investment in the trade have helped to attract investment, but the country needs further economic reforms to ensure sustainable inclusive growth,” the minister said.

Mandaviya made the remarks while addressing the 2nd Edition Summit on India: Global Chemicals & Petrochemicals Manufacturing Hubs 2021, (GCPMH 2021) on Thursday, the summit was organised by FICCI . “Chemicals and Petrochemicals have played a vital role in society for decades and the focus is now on how to reduce the carbon footprint of the chemical industry and make the atmosphere pollution-free,” he added.

He also added that the government has launched a PLI scheme for different sectors which will directly or indirectly benefit the chemicals sector. “The PLI schemes on Pharmaceuticals, Automobile, Textile, and Telecommunication sector with each 2 lakh crore was targeted towards boosting the industries and make India an investment hub globally”.

Mandaviya said the PLI scheme will benefit the entrepreneurs and “we must encash the opportunities provided by the PLI scheme.”

He projected the government as industry-friendly, he emphasized that in order to develop as a nation, India needs industrial development. “The tax paid by the industrialists are used for the benefit of the poor so the wealth creators must be respected,” the minister said.

Minister of State at Union Chemicals & Fertilizers Ministry Bhagwanth Khuba said that industrial leaders across the globe are contemplating investing in India with a positive standpoint. “In the post COVID scenario, he said, India is all set to become the most potent chemicals and petrochemicals manufacturing hub in the world,” he added.

Mr Prabh Das, Chairman, FICCI Petrochemicals Committee and MD & CEO, HMEL Mittal Ltd said that in order to achieve the dream of self-reliant India, a renewed focus on the critical sector of chemical and petrochemical is essential to capitalize on the huge opportunities in the Indian economy.

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