PLI for chemicals, petrochemicals on anvil

New Delhi: Finance Minister Nirmala Sitharaman on Thursday said the government will consider the Production Linked Incentive (PLI) scheme for Chemicals and Petrochemicals sector to make India a manufacturing hub for such products.In view of stringent pollution control regulations and rising labour cost, she said, global manufacturers in the chemical industry are looking at diversifying their products and production capability and India stands out as an alternative destination for manufacturing.

Besides, India offers a large domestic market, she said while addressing the third edition of the summit on ‘Global Chemicals and Petrochemicals Manufacturing Hubs in India’. “If viable options exist, it exists in such markets where there is a domestic buffer and beyond which there is an export potential. So that is where the government’s policies have been facilitating,” she said. “We are in favour of having India becoming a manufacturing hub and therefore of course we will consider the PLI also for the chemicals and petrochemicals,” she added.