GLOBAL COMPANIES INVESTING IN R&D SECTOR
INDIA – CHEM 2002 INAUGURATED
Shri S.S. Dhindsa, Minister for Chemicals and
Fertilizers has said that due to a strong network of research
laboratories, educational institutions and technological institutes
in the chemical, petrochemical and pharmaceutical sector, India
has a big potential to attract large multinationals to set up
their Research Centres in India. Realizing India’s strength in
the knowledge based sector GE, a large Global company, is investing
US $ 130 million in the R&D Centre in Bangalore, their largest
outside the USA, he said.
Speaking on the occasion of the Inauguration
of INDIA – CHEM 2002 here today, Shri Dhindsa said that Government
has taken a number of new policy initiatives in the areas of labour
reforms and the creation of special economic zones which will
boost the growth and development of the Chemical sector. Besides,
new policy initiatives like exemption of duty on equipment to
be used for research and income tax on expenditure on R&D
will also encourage the industry to undertake research on a more
sustained basis, he added.
The Minister said that the chemical, petrochemical
and pharmaceutical industry has been growing at a rate that is
twice that of the growth rate of the country’s GDP and due to
its potential the Government has identified the chemical sector
as a thrust area for economic growth and exports. He said that
INDIA – CHEM 2002 will facilitate foreign companies to appreciate
the quality of chemical products in India. Indian companies, on
the other hand will see the latest state of the art technologies
being developed globally and new products being introduced. This
will facilitate establishment of joint ventures and lead to technology
transfers from some of the well-known global giants present at
India Chem 2002. He said participation of foreign companies at
India Chem has been particularly encouraging. A total of 79 foreign
companies from 13 countries are participating in the exhibition
of which as many as 33 are from Germany and 16 from the USA, he
added.
