He said that the Government was aware of the requirement of the industry regarding improved infrastructure facilities, high cost of power, high cost of finance and the Department was taking up such issues with the concerned Ministers.
Earlier, Mr Manu Tandon, MD, Beck India Ltd, who chaired the meeting said that the Indian chemical industry, therefore, has the potential to become a US$ 100 billion industry by 2010 registering a compound annual growth rate of 15.5%. This implies that the industry has the potential to grow at a significantly higher growth rate than even the 8% growth projected in the 10th five-year plan, he said. Mr Tandon further added that this would also imply that the Industry's contribution to India's GDP will grow from the current 6.7% to 12.1%.
Some of the key concerns of the Indian chemical industry highlighted were high input costs, poor quality and high cost of power, inadequate infrastructure, impact of FTAs, lack of R&D, inflexible labour laws and implications of REACH, which is expected to be implemented by EU in another year's time.
Confederation Of Indian Industry
marketing@alchempro.com
