With the theme centred on “The Rise of India’s Chemical Industry: From Mission to Reality” the ICC conference, held at Taj Lands’ End, Mumbai on 29th February and 1st March 2024 was inaugurated by Deepak Mishra, Joint Secretary, Dept. of Petrochemicals. McKinsey & Company are the Knowledge Partner and released a whitepaper on “Securing competitiveness in India’s Chemical Industry”.
Liam Condon CEO, Johnson Matthey, His Excellency Abdulla Al Shamsi, Ministry of Industry and Advance Technology, United Arab Emirates (UAE) , Nob Tabata Executive Officer, Chief Operating Officer, Chemicals Division, Energy and Chemicals Company, Itochu Corporation, Japan, Harjinder Kang, His Majesty’s Trade Commissioner for South Asia, British Deputy High Commission, Bhupendra Singh Poonia, IAS, MD IPCOL Govt of Odisha, N. Yuvraj, IAS, Secretary, Department of Industries and Commerce, Government of Andhra Pradesh delivered insightful keynotes, shedding light on the transformative potential of the chemical industry in addressing global challenges.
Liam Condon CEO, Johnson Matthey said, “UK is the partner for the conference and we are honoured for the same. Chemical industry, which is one of the largest industries in the world is growing even faster. There is a global shift in supply chain. There are two million people working in chemicals. Chemicals has been recognised as priority sector by the government”. Condon added India will be a world leader in decarbonisation across the globe. As a chair of G-20, India launched global bio-fuels last year bringing together countries with twelve international organizations including World Bank and National economic forum.
His Excellency Abdulla Al Shamsi, Ministry of Industry and Advance Technology, United Arab Emirates (UAE) emphasised on the benefits of the India UAE FTA and how it will benefit both the countries. He said that the Bilateral trade between UAE and India is flourishing. Harjinder Kang, His Majesty’s Trade Commissioner for South Asia and British Deputy High Commissioner for Western India said, “India is the second largest investor for the new projects in UK”.
Nob Tabata Executive Officer, Chief Operating Officer, Chemicals Division, Energy and Chemicals Company, Itochu Corporation, Japan spoke on the scope for furthering the Indo-Japanese Chemical trade. The petrochemical industry can reduce CO2 emission by feedstock change and energy change. He said that China is expanding the chemical capacities in many areas such as PX and olefins self.
Rajen Mariwala, President ICC and MD Eternis Fine Chemicals Ltd in his welcome address, said that major concerns across the world are Energy Security, Food and Commodity Security, Supply Chain Disruption and Economic stability. He further added that businesses globally are building geopolitical impacts in their business strategies and that ocean politics, control and influence over major trade routes like the South China Sea and the Red Sea pose a new set of challenges for business and trade.
Rajen added that while climate change and sustainability continue at the top of the agenda for business leaders, AI is fast emerging as a new tool of business. As the world grapples with a multipolar world, India emerges in the sweet spot of healthy GDP growth and a pre-eminent position of influencing global opinion.
Kamal Nanavaty, Chairman of ICC’s Conference and Exhibition Committee, and President, Reliance Industries expressed optimism about the transformative potential of the chemical industry, emphasizing the imperative of collective action towards sustainable development. “As we navigate an era of unprecedented challenges, the chemical industry stands at the forefront of innovation and responsibility,” he remarked. Nanavaty further added, “Together, we have the power to pioneer solutions that not only drive economic growth but also safeguard our planet for generations to come”.
Kartik Bharatram Joint Managing Director, SRF and Vice President, ICC in his concluding remarks said that the industry is expected to grow at a CGAR of 11-12 percent to reach 300 billion mark by 2027.
The two-day conference attended by more than 600 senior level industry delegates, brings to the fore, major areas of functional excellence like AI and Digitalization, De-Risking Procurement, Green Chemicals, Criticality of Capital, M & A, Focused R&D, Bio-Pharma, Quicker Lab to Market, Innovation and Start-Ups. These functional excellences help in building resilience and build growth opportunities.
Indian Chemical Council (ICC), established in 1938, is the apex national body representing all sectors of chemical and allied industries in India. ICC has membership of around 500 Indian and multinational companies operating in India representing Organic and Inorganic Chemicals, Plastics, Petrochemicals and Petroleum Refineries, Dyestuffs and Dye Intermediates, Drug and Pharmaceuticals, Agrochemicals, Fertilizers and Pesticides, Specialty Chemicals, Paints, Leather Chemicals, Lube-Additive Manufacturers etc. Captains of the industry from a wide range of MNCs and Indian chemical industries are strongly represented in ICC.
ICC is a full member of International Council of Chemical Associations (ICCA). As the member of International Council of Chemical associations, ICC is the nodal agency promoting Responsible Care (RC) in India, a global voluntary initiative of the chemical sector to continually strive to enhance health, safety, security and environmental performance. In addition, ICC IS at the forefront in collaborating with cross-functional ministries and industry organizations to translate the sustainable vision into policy frameworks that can be implemented.
As per the press release, the Chemical Industry Outlook Conference sets the stage for a new era of collaboration, innovation, and sustainability. By harnessing the collective expertise and ingenuity of industry stakeholders, the chemical industry embarks on the journey of Aatmanirbhar Bharat marching towards the $1 trillion goal for 2040.
