The government is considering a production-linked incentive (PLI) scheme for the chemicals and petrochemicals segment to promote manufacturing, even as global manufacturers in the chemical industry are increasingly looking to fuel diversification.

Finance Minister Nirmala Sitharaman said this on 27 July, 2023 at the 'Global Chemicals and Petrochemicals Manufacturing Hubs in India' summit, organised by FICCI. This gains importance in the context of India becoming a manufacturing hub, which will help to reduce import dependency.

Highlighting India's green growth plans, she asserted that India has set its sights on becoming energy independent by 2047 and achieving net zero by 2070, which is dependent on each industry and each sector's contribution. The industry should also keep in view energy efficiency and renewable energy (RE) commitments.

The government has set forth Rs 19,744-cr incentive plan to promote the manufacturing of green hydrogen in the country. The National Green Hydrogen Mission envisages a green hydrogen production capacity of at least five million tpa and capacity addition of about 125 GW in RE by 2030.