PLI scheme likely for chemicals & petrochemicals: Nirmala Sitharaman

economictimes.indiatimes.com:

Nirmala Sitharaman Thursday said the government is considering a production-linked incentive (PLI) scheme for the chemicals and petrochemicals sector to promote manufacturing and to reduce import dependency. “We are in favour of having India becoming a manufacturing hub and therefore of course we will consider the PLI also for the chemicals and petrochemicals,” Sitharaman said at the 'Global Chemicals and Petrochemicals Manufacturing Hubs in India' summit, organised by Federation of Indian Chambers of Commerce & Industry's (Ficci). She said global manufacturers in the chemical industry are looking to diversify their production capabilities and India stands out as an alternative destination for manufacturing. The minister said the government is focussed on green growth and industry should keep in view energy efficiency and renewable energy commitments of India and the Hydrogen Mission. “We should remember that India has set its sights on becoming energy independent by 2047 and achieving net zero by 2070. So net zero cannot be achieved unless each industry and each sector contributes to it. “We are very focused on green growth. Carbon intensity has to be reduced and therefore each one of the sectors will have to contribute to this,” she said. The government has approved a Rs 19,744-crore incentive plan to promote the manufacturing of green hydrogen in the country in a bid to cut emissions. The National Green Hydrogen Mission seeks to promote development of green hydrogen production capacity of at least 5 million metric tonnes per annum and renewable energy capacity addition of about 125 GW in the country by 2030.

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