India to invest ₹1,600 cr in chemical, petchem R&D

India plans to pump in Rs 1,600 crore in chemical and petrochemical sectors for research and innovation by the existing players to improve their global competitiveness and sustainability while addressing import substitution, resource efficiency, and energy security.

- AMITAV RANJAN

‘The funding, spread over five years, would be available to all stakeholders - large, medium, small and micro enterprises (MSMEs). The beneficiaries targeted are around 12,000 large and 450,000 MSMEs with focus on enhancing their R&D capabilities to reduce import dependency which was $31 billion in 2023.

Ten projects would be on end-to-end research in any of the nine priority areas in collaboration with Government owned academic institutes of national repute. Investments made by the companies on the projects at the institutes would get financial support of 35 percent of the total cost incurred or Rs 100 crores per research project under benefit sharing principle.