Initiatives to Promote Industries What is new on India's Agenda For the Process Industry?
The Government of India has taken various steps to endorse numerous industries. These initiatives include revival of fertilizer plants, set up of new research centers, etc. Here is a look at the diverse initiatives.
Though the market seemed sluggish last year, a new enthusiasm was generated with some positive steps from the Government. The ‘Make in India’ initiative by the Government of India gave a boost to various industries. Besides this, it has also taken steps to help the industries grow.
Chemicals & Fertilizers
The Government has laid a roadmap for achieving self-sufficiency in the production of fertilizers by reviving defunct fertilizer units in various parts of the country and establishing new units along the route of the Natural Gas Grid. For example, recently, the Ministry of Chemicals and Fertilizers discussed the proposal to revive The Fertilizer Corporation of India Ltd (FCIL) unit of Talcher with the help of the coal gasification technology through a joint venture.
Furthermore, the revival of the closed unit of FCIL of Gorakhpur and the Hindustan Fertilizer Corporation Limited (HFCL) Unit of Barauni are also being considered. Additionally, the revival of Fertilizers and Chemicals Travancore Ltd (FACT) has also been initiated.
Pharma & Bio
Turning towards the pharmaceutical and bio industry, the government has set its trajectory towards research and development. To fill the crucial existing gap in this area, a National Centre for Research & Development in Bulk Drug (NCRDBD) is expected to be set up at the National Institute of Pharmaceutical Education and Research (NIPER), Hyderabad. This project is expected to cost of over `52 crore while the operating cost would be roughly over `37 crore for five years.
Food processing is one of the other industries that seem to be on the Government’s radar. In order to promote food processing industries, increasing levels of processing and exploiting the potential of the domestic and international market for processed food products, the Vision Document-2015 was prepared by the Ministry of Food Processing. This envisaged trebling the size of investment in the processed food sector by increasing the level of processing of perishables from 6–20 per cent, value addition from 20–35 per cent and share in global food trade from 1.5–3 per cent by 2015.