Maharashtra Chief Minister Devendra Fadnavis announced on Thursday that the state is in the final stage of formulating a separate policy for the chemicals sector, with plans to roll it out by the first week of November. Speaking at an industry event organised by FICCI in Mumbai, Fadnavis stated that the upcoming framework will be a forward-looking policy aimed at driving growth in this critical manufacturing segment for years to come.
The state government also plans to acquire up to 5,000 acres of land near the greenfield Wadhavan port in the Palghar district to establish a dedicated hub and ecosystem for the chemicals sector. This initiative aligns with the central government’s vision of setting up Bhavya rasayanik parks to expand domestic manufacturing capacities.
Key Points Of The Maharashtra chemicals policy
- Maharashtra plans to unveil a dedicated chemicals industry policy by the first week of November.
- The state aims to acquire 2,500 to 5,000 acres near the Wadhavan port to develop a chemicals hub.
- The chemicals sector currently accounts for 19 per cent of the state’s gross value added and 17 per cent of chemical exports.
- Union Minister J P Nadda stated that the national chemicals sector aims to reach USD 1 trillion by 2040.
Plan to Develop Chemicals Hub Near Wadhavan Port
The proposed Maharashtra chemicals policy follows extensive consultations with industry leaders over the past few months to understand sectoral demands. Fadnavis specifically highlighted discussions held with Reliance Industries executive director Nikhil Meswani and UPL chairman Jai Shroff.
The state government aims to acquire between 2,500 and 5,000 acres in the vicinity of the Wadhavan port, which is expected to be ready in about three years. Fadnavis expressed confidence that investors will increase their commitments to the state following the policy rollout in early November.
Economic Significance and GVA Share
Maharashtra currently hosts 3,600 entities operating within the chemicals sector, providing employment to 3 lakh people. These enterprises account for 19 per cent of the gross value added in the sector and drive 17 per cent of the country’s chemical exports.
Fadnavis noted that the state is uniquely positioned to support maritime trade and logistics in this domain, supported by the presence of India’s largest container port, Jawaharlal Nehru Port Authority (JNPA), within its borders.
Centre Targets USD 1 Trillion Chemicals Sector by 2040
Union Minister for Chemicals J P Nadda also addressed the FICCI event, describing the current market environment as highly conducive for industrial expansion. Nadda stated that the national chemicals sector currently stands at USD 220 billion and targets a valuation of USD 1 trillion by 2040.
Assuring strong support from the central government, Nadda promised assistance in securing environmental clearances for upcoming industrial projects to facilitate capacity expansions. He further urged industry stakeholders to increase investments in research and development, noting that advanced chemicals and petrochemicals are covered under a newly launched Rs 1 lakh crore fund for promoting research and innovation.
Frequently Asked Questions
What is the Maharashtra chemicals policy announcement?
Maharashtra Chief Minister Devendra Fadnavis announced that the state is finalising a dedicated chemicals industry policy to be rolled out by the first week of November. The framework aims to support the growth of the chemicals sector through extensive industry consultations.
Where is the proposed chemicals hub located?
The proposed chemicals hub is planned near the greenfield Wadhavan port in the Palghar district. The state government intends to acquire between 2,500 and 5,000 acres of land in the vicinity to establish a dedicated ecosystem for the sector.
Stay Updated with the Latest News and Current Affairs
Discover more from Current Affairs World
Subscribe to get the latest posts sent to your email.
