The central government has said that it will look at bringing a productivity linked incentive (PLI) scheme for the chemicals and petrochemicals sector.
Addressing an industry body event organised by FICCI, Finance Minister Nirmala Sitharaman on Thursday said that the government will consider a PLI scheme for the petrochemical and chemical sectors as India aims to become energy independent and achieve net-zero carbon emission by 2070.
As of now, the government has rolled out 14 PLI schemes for various sectors like telecom, Pharma and textiles among others.
Sitharaman said that the chemicals and petrochemicals sectors have a direct bearing on several sectors like construction, packaging, textile and agriculture.
She also said that India is being seen as an alternate destination for manufacturing in the chemicals and petrochemicals sectors. India's contribution to speciality chemicals is $32 billion.