Story perspectives

India's Chemical Sector Key to Viksit Bharat 2047 Vision

10/18/2025

Summary

Story summary

Union Minister of Commerce and Industry Piyush Goyal said India's chemical and petrochemical sectors can drive innovation toward Viksit Bharat 2047 vision.
Goyal noted the International Monetary Fund's upward revision of India's growth forecast to 6.6% for 2025, signaling resilience.
He urged collaboration, diversification of supply chains, and government support to boost competitiveness and ease doing business.
He called for pursuing free trade agreements to boost exports and attract investment.

History

Historical Context

The Viksit Bharat vision aims for a developed India by 2047, building on the 1991 economic liberalization initiated by Prime Minister P. V. Narasimha Rao, which boosted GDP growth from 3.5% to over 6%. Today, Piyush Goyal's focus on innovation and the IMF's 6.6% growth forecast reflect ongoing reforms, emphasizing free trade and supply chain diversification to enhance India's global competitiveness.

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Story summary

Union Minister of Commerce and Industry Piyush Goyal said India's chemical and petrochemical sectors can drive innovation toward Viksit Bharat 2047 vision.
Goyal noted the International Monetary Fund's upward revision of India's growth forecast to 6.6% for 2025, signaling resilience.
He urged collaboration, diversification of supply chains, and government support to boost competitiveness and ease doing business.
He called for pursuing free trade agreements to boost exports and attract investment.

1 / 2