Published on : Jul 24, 2014
Government of India plans to setup SEZ or special economic zones for the Indian chemical industries in both, Iran and Myanmar. However, the idea has been mooted by the Ministry of Chemicals and Fertilizers stating it to be reverse SEZ.
The Union Minister of Chemicals and Fertilizers, Ananth Kumar said that he would come up with a plan in a month’s time to reject this idea and establish a better plan. He will remain in contact with Finance Minister and External Affairs Minister for the same.
He said a more sensible idea would be to start and encourage industries where availability of feedstock is better in the Indian context. After all, the Indian competitiveness depends purely on converting the raw materials in efficient final products.
The Government also added that it plans to involve State Governments and other ministries in a month’s time to invite more investment in sectors such as Petrochemicals, Chemicals, and Petroleum at Dahej, Kakinada, Visakhapatnam, Pradip, Cuddalore, and Nagapattinam.
The chemical industry hailing India contributes to 3% of global trade, while China makes it to about 29%, with U.S. following close at 25%. Japan and Germany contribute to about 15% and 14% respectively.