The Gujarat government is in the process of setting up a world-class bulk drug park at Jambusar in Bharuch district in order to make the state a global hub for chemicals and allied industries, Pankaj Joshi, additional chief secretary to the state’s Chief Minister has said.
Speaking during a book launch, Joshi said that the state government is in constant touch with the Centre to bring one of the three bulk drug parks in Gujarat as many basic chemicals and API manufacturers have shown interest to set up their units in the proposed bulk drug park.
The government is putting in efforts to overcome three major challenges including availability of quality basic inputs, price of oil and gas, lack of extensive R&D facilities and limitation of world-class infrastructure. These blocks can be removed with cohesive efforts at government level, industry level, institutional level as well as individual level,” he said, adding that recently, the Gujarat government has come out with new industries policy in which chemicals has been focused as the core sector.
He further said that against only 3.4 per cent of the compound annual growth rate of basic chemicals production over the past eight years in India, demand is growing at the rate of 5.5 per cent.
India’s trade (import-export) deficit of the chemical sector is mind-boggling Rs 85,000 crores, he said, adding, “The country is producing 8,000 different chemicals. The market size of the sector in the country is pegged at $178 billion and by the year 2025, it is expected to touch $300 billion. Gujarat contributes nearly 30 per cent ($55 billion) in the production of chemicals followed by Maharashtra (16 per cent) and Tamil Nadu (seven per cent).”
Source: The Financial Express