Maharashtra to Launch Chemicals Policy and Hub by November
The state plans to introduce a new chemicals sector policy and establish a dedicated chemicals park near Wadhavan port by early November.
Maharashtra's new chemicals policy will be unveiled in the first week of November.
Up to 5,000 acres will be acquired near Wadhavan port for a chemicals hub.
The chemicals sector currently employs 300,000 people and contributes significantly to the state's economy.
Maharashtra is set to unveil a dedicated chemicals sector policy by the first week of November, as announced by Chief Minister Devendra Fadnavis at a recent industry event hosted by FICCI. The state government is finalizing this policy to bolster the chemicals industry, which plays a crucial role in Maharashtra's economy.
The initiative includes plans to acquire between 2,500 to 5,000 acres of land near the upcoming Wadhavan port, located on the outskirts of Mumbai. This area is envisioned as a chemicals hub that will support the growth and development of the sector. Fadnavis emphasized that the policy aims to create a forward-looking framework to enhance the chemicals industry for years to come.
In preparation for this policy, the Maharashtra government has engaged extensively with industry stakeholders, including prominent figures such as Nikhil Meswani from Reliance Industries and Jai Shroff from UPL. The feedback gathered from these consultations will be integrated into the forthcoming policy document, which aims to address the industry's needs and aspirations.
Currently, Maharashtra hosts around 3,600 entities in the chemicals sector, contributing 19% to the sector's gross value added and 17% to chemical exports. The sector is a significant employer, providing jobs to approximately 300,000 individuals. With the largest container port in India, JNPA, located in Maharashtra, the state is well-positioned to enhance its role in the chemicals industry.
Looking ahead, the Wadhavan port is expected to be operational within three years, and the government plans to create a robust chemicals ecosystem in the vicinity. Union Minister for Chemicals J P Nadda highlighted the favorable conditions for the sector's growth, aiming to increase its value from USD 220 billion to USD 1 trillion by 2040. He assured investors that the government would facilitate necessary environmental clearances for new projects, promoting a conducive environment for research and development in advanced chemicals and petrochemicals.
