Govt may offer PLI for chemicals, petrochem
NEW DELHI : The government will consider a production-linked incentive (PLI) scheme for the chemicals and petrochemicals sector as it strives to emerge as a manufacturing hub, Union finance minister Nirmala Sitharaman said on Thursday. “We are in favour of making India a manufacturing hub," Sitharaman said at the third edition of the Global Chemicals and Petrochemicals Manufacturing Hubs in India Summit organized by the Federation of Indian Chambers of Commerce and Industry (Ficci) in association with the ministry of chemicals and fertilizers . “We will be considering PLI for chemicals and petrochemicals," said the finance minister.
The PLI scheme is a government initiative, offering performance-based incentives to companies on incremental sales of domestically manufactured products. Its primary objective is to boost the manufacturing sector and reduce import reliance. Sitharaman said the chemicals and petrochemicals sector has a significant impact on India’s economy, but is confronted with several pressing challenges requiring immediate attention.
These challenges include issues related to pollution control regulation, rising labour costs, collaterals, skill development, sustainability, and the reduction of carbon emissions, she said. “Net Zero cannot be achieved unless each industry contributes to it," she said. “We are very focused on green growth.
Carbon intensity must be reduced and, therefore, each one of the sectors will have to contribute to this," she said, adding that all sectors will have to work toward achieving net-zero emission and fulfil energy targets. India has set a deadline to achieve net-zero by 2070, or cutting greenhouse gas emissions to zero. It also seeks energy independence by 2047 through the
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