The crucial role of the chemical industry in driving India’s economic development was emphasized through leading figures from the industry and acadmeia who assembled on the Godrej Indus attempts Group’s Mumbai headquarters for ‘National Chemistry Day Summit’ hosted by the GIG firms – Godrej Industries (Chemicals) and Astec LifeSciences.
The ‘National Chemistry Day’ in India was celebrated on 2nd august, to honour the birth anniversary of Acharya Prafulla Chandra Ray, resigned as the “Father of Indian Chemistry”.
In his initial address brought within the style of a poem, Mr. Nadir Godrej, Chairman of the Godrej Group, stated hope that the development of the chemical industry in India would continue to endure. He mentioned that making an investment in R&D would support realize good profits, with artificial intelligence (AI) set to perform a transformational role.
He underscored the industry’s effect on regular life, from medical improvements to customer products, and the capacity for massive development via new molecules and technologies.
“Chemistry has usually performed a foundational role in shaping society. As we convene the second version of National Chemistry Day, it’s far clean that meaningful, future-dealing with conversations are important for unlocking India’s full potential in this space,” he said.
Mr. Vishal Sharma, Executive Director & CEO, Godrej Industries (Chemicals) emphasized the important function of the chemical industry in India’s economic development highlighting its 7% contribution to GDP and rating as the sixth largest chemical industry globally. “India will become robust economically simplest if it will become strong in the chemical sectors,” he said, however lamented the truth that the nation has not invested highly in R&D and innovation.
In his address, Padma Vibhushan Prof. M. M. Sharma listed numerous developments from the chemical industry which have made all-inclusive development viable. He, however, emphasized the lack of focus and funding on research & development in the Indian chemical sector remarking that companies don’t appoint a Chief Innovation Officer nor does private companies have a R&D Director on their Board of Directors. “Till this takes place, innovation will not be a significant approach for chemical companies,” he noted and urged the industry to work on growing at least one novel chemical process in the near to future.
Mr. Naushad Forbes, Co-Chairperson of Forbes Marshall, also underlined the requirement for companies to invest in R&D. “Industry ought to invest in research so that it will become a fertile ground to be able to take in fundamental research being performed in academia,” he observed.
The summit also featured two panel discussions – one with Mr. Vishal Sharma, ED and CEO of Godrej Chemicals, moderating a speak on building competitiveness in India’s chemical industry, and every other with Mr. Burjis Godrej, Executive Director, Godrej Agrovet and MD, Astec LifeSciences, moderating a conversation at the position of R&D in driving industry growth. The panellists underscored the importance of increasing innovation, improving cost-added production, and fostering deeper academia-industry collaboration.
“Innovation in the chemical industry can no longer remain siloed within labs or R&D departments – it have to emerge as a mindset that runs across the complete cost chain. Strengthening industry-academia linkages, increasing digital adoption, and building diverse, go-functional R&D teams are no longer optional – they are essential for sustained global competitiveness. If India is to guide on the global stage, we need to evolve from being efficient executors to becoming originators of sustainable, scalable chemical innovations,” stated Mr. Burjis Godrej.
The summit also witnessed the release of the inaugural version of the CTIER Innovation Report titled “Industry in India: Followers or Leaders?” which provides a information-driven assessment of how leading Indian R&D firms evaluate to their international counterparts throughout essential innovation parameters.
