The government is considering launching a production linked incentive (PLI) scheme in the chemical sector to boost domestic manufacturing and exports.
Addressing a webinar on 'Implementation Strategy of Budget Announcement 2021-22', Chemicals and Fertilisers Minister D V Sadananda Gowda on Friday said the government is working on a consultative approach in forming the policies for India's chemicals and petrochemicals sector.
The webinar was organised by the Department of Chemicals & Petrochemicals and FICCI.
"Implementations of the Budget announcements cannot be done only by the government.
"We should take our industry in confidence so that implementations can start from first week of April. The challenge for the government is to now match the suggestions of the industry with the implementation part, he was quoted as saying in a FICCI statement.
Gowda said the Budget has provided a boost to the Indian pharmaceutical sector.
The big push for the pharma sector is being seen as an attempt to discourage the imports of raw materials that are widely used in local manufacturing, he said.
Mansukh Mandaviya, Minister of State for Chemicals & Fertilizers, said that the government is working to introduce PLI scheme for the chemicals sector to increase domestic production, according to FICCI statement.
There are immense opportunities for the industry and the government is working to ensure to provide all necessary support, he added.
The government decides on policies after a thorough research on ground and wants to make the industry competitive. We have to encash the opportunity, he added.
Mandaviya further said that India has both the potential and the manpower to deal with the pandemic.
The result of medicine diplomacy has been such that the entire world now wants to procure vaccines from India, he said.
After supplying medicines to 120 countries, no country has complained of inferior quality medicine.
The Indian industry, its entrepreneurs and the Made in India stamp have set a benchmark globally, he noted.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU