Gujarat is vibrant: ₹67,000 crore worth of investment proposals in the petrochemicals sector have been signed.

Gujarat is vibrant: ₹67,000 crore worth of investment proposals in the petrochemicals sector have been signed.

The state’s petrochemical industry is the event’s primary focus. Gujarat is becoming the nation’s center for specialty chemicals, accounting for the largest portion of India’s exports of chemicals and petrochemicals.
December 23, Bharuch, Gujarat, India (ANI): At a pre-Vibrant Gujarat Global Summit event held in Bharuch, up to 11 Memoranda of Understandings (MoUs) totaling ₹67,000 in potential investment were signed.

Policymakers, industry professionals, and academics from across the globe come together to discuss future initiatives at the ‘FutureChem Gujarat: Shaping Tomorrow’s Chemicals and Petrochemicals Industry’ event.Gujarat is positioned to become the center of this industry based on the manner in which chemicals and gasoline are traded in the state. Thus, in order to further develop this industry, an agreement worth ₹67 thousand crore has been signed today,” Gujarat Chief Minister Bhupendra Patel stated while attending the function.

The state’s petrochemical industry is the event’s primary focus. Gujarat is becoming the nation’s center for specialty chemicals, accounting for the largest portion of India’s exports of chemicals and petrochemicals.With his development-oriented politics, PM Modi has transformed Gujarat and the nation. For the past 20 years, Gujarat’s double-engine government has benefited from PM Modi’s vision. The theme of the 2024 Vibrant Summit is “Gateway to the Future.” One industry that pushes the boundaries of sustainable growth is the chemical and petrochemical sector, according to the CM.
It is the resolve of Prime Minister Narendra Modi to see industrial development in Gujarat. The chief minister stated that, as part of it, the chemical and petrochemical sectors are also being promoted because India ranks sixth in the world in terms of petrochemical production.

The main topics of discussion at the Bharuch event were decarbonization, sustainability, and expansion into new markets. Additionally, during the event, startups and business executives will be exhibiting services and solutions pertinent to the industry.

Approximately two million people are employed in this vital industry nationwide.Gujarat contributed USD 31.5 billion of India’s USD 94.6 billion chemical industry in 2017–18.

Similarly, Gujarat contributed USD 50.8 billion of the total USD 137 billion to the coke and petroleum industries.

Gujarat contributes 5% of India’s total exports and 27% of Gujarat’s total exports, or 41% of India’s total exports of chemicals and petrochemicals, respectively.
There are four refining complexes in the state, and their combined annual capacity is 102 million metric tons.The United States, China, Brazil, the United Arab Emirates, Germany, Indonesia, the Netherlands, South Africa, and Belgium are the top ten export destinations.In an effort to place Gujarat on the global trade and industrial map, then-chief minister Narendra Modi launched the Vibrant Gujarat Global Summit in 2003. The Summit’s tenth iteration is scheduled for January 10–12, 2024.

PM Modi will officially open the Summit event on January 10. (ANI)