Solution:The largest petrochemical factory is located in the state of Gujarat in India. The chemical and petrochemical industry is a major contributor to India's economy. It accounts for a significant share of the country's manufacturing output and exports.Covering more than 80,000 commercial products, India's chemical industry is extremely diversified and can be broadly classified into bulk chemicals, specialty chemicals, agrochemicals, petrochemicals, polymers, and fertilizers.
The Department of Chemicals & Petrochemicals intends to bring PLI into the chemical & petrochemical sector and will redraft the Petroleum, Chemicals and Petrochemicals Investment Region (PCPIR) guidelines. PLI schemes have been introduced to promote Bulk Drug Parks.
The government has started various initiatives such as mandating BIS-like certification for imported chemicals to prevent dumping of cheap and substandard chemicals into the country.
A 2034 vision for the chemicals and petrochemicals sector has been set up by the government to explore opportunities to improve domestic production, reduce imports and attract investments in the sector.
100% FDI is allowed under the automatic route in the chemicals sector with few exceptions that include hazardous chemicals. The government has proposed several incentives for setting up a sourcing or manufacturing platform within an Indian SEZ.