New Delhi: Union Minister of Petroleum and Natural Gas and Housing and Urban Affairs Hardeep S Puri has said that as India is facing certain challenges, our attempt is to convert these challenges into opportunities. “India today is clearly an India in transition,” he added.
Addressing ‘India CHEM-2022’ organized by FICCI, jointly with the Ministry of Chemicals & Fertilizers, Puri while speaking on the high global energy prices, stated that we have been able to navigate global prices. “Clearly when prices are high, the situation will be inflationary,” he added. The world's largest economy has faced negative growth along with many of the European countries which are facing very challenging times.
India, Puri said, will be affected by high petrol prices but so far, we have navigated through it. “We will continue to take such steps but the high energy prices globally will result in more inflation and recession and unless it is corrected there will be pressure on the global economies,” he emphasized.
Puri highlighted that the Indian economy is growing at a rate of 7 per cent, and energy is a critical driver of growth. “Our refining capacity, which currently stands at about 252 million metric per annum, is likely to go up to about 400 million metric tons per annum in the coming years. We are also transiting from fossil fuel based energy to a greener energy including solar, wind and compressed biogas,” he added.
Dr Shishir Sinha, Director General, CIPET, said that major impetus should be given to recycling, reuse, and rethinking in the chemicals and petrochemicals sector. Industry academia should come forward in partnership for market research and feedback on innovations in the petrochemical segment which will lead to overall growth of the industry, he added.
Prabh Das, Chairman- FICCI Petrochemicals Committee and MD and CEO, HMEL Mittal said that encouraging people to set up and manufacture in India will make it possible for the country to meet our domestic as well as export requirements in much shorter time. Arun Baroka, Secretary, Chemicals and Petrochemicals, Ministry of Chemicals and Fertilizers, Govt of India delivered the welcome address. /BI/
