India should become research hub for chemicals industry

November 4, 2004 by  

 Mumbai, Nov 3 : India must capitalise on its vast knowledge base and lower costs to emerge as a global research and development hub for the chemicals industry, Chemicals and Fertilisers Minister Ram Vilas Paswan said Wednesday.

Addressing the inaugural session of a three-day seminar on the chemicals and pharmaceuticals industry here, Paswan said the Indian chemicals industry must aim at increasing its share in the global market.

“Our goal should be to make India a global centre for research and development by making use of its intellectual capital, its competitive advantages and low costs,” Paswan told business leaders.

“Investments in research and development need to be increased to 10 percent of sales turnover. This calls for stronger networking with government labs and academia.”

Paswan said India should have a sustained presence in drug discovery research and generate more pharmaceutical and chemical patents.

Referring to a recently submitted task force report on petrochemicals, Paswan said the government was engaged in framing a national policy for the sector

 “Our policies are aimed at safeguarding the interest of the common man or consumers while promoting the industry. In the long run, no business model will succeed unless it keeps the consumer at the centre of its policy and planning.”

Paswan said the department for chemicals and pharmaceuticals had initiated procedures for setting up specialised industrial estates dedicated to the chemical industry.

“Considering the future global economic scenario, countries like Singapore, Thailand, and China have already started action on these lines,” he said.

–Indo-Asian News Servic


Feel free to leave a comment...
and oh, if you want a pic to show with your comment, go get a gravatar!

You must be logged in to post a comment.