"In the last seven years, production of total major chemicals and petrochemicals has grown 6. Gadkari urged the Indian chemical industry to see if agriculture material can be used to make chemicals. "It is time for the country to find out import substitute products and we have great potential for the use of ethanol, methanol, CNG and electric transportation system as solutions, Gadkari said after inaugurating the IndiaChem - 2018 conference organised by Ficci.4 per cent to the global chemical industry. Globally, chemical industry is estimated at USD 4.Mumbai: Union minister Nitin Gadkari on Thursday said the country is facing lot of "economic crisis" due to crude oil imports and wholesale electric water heater faucet need to reduce imports and increase exports.7 trillion in 2017 it is also driven by demand from end use industries.Commenting on the opportunities in the sector, P Raghavendra Rao, secretary, department of chemicals and petrochemicals, said, 

It is the right time to invest in Indian chemical and petrochemical industry due to vast opportunities that the sector offer. There are opportunities in sectors such as speciality chemicals, pharma, biotech.Brent, the benchmark for more than half the worlds oil, is trading at a four-year high of over USD 84 per barrel. While blaming OPEC countries for the current increase in oil prices, he said, "One day they will find there is no market for crude oil. Indian chemical industry is estimated to be valued at USD 163 billion in 2017 and contributes 3.2 per cent and the same is projected to grow by 9. "As this is the time for India to find solutions for import substitutes, the chemical industry must work towards finding the solutions to curb imports of crude oil at rising prices," he said.India is the third largest importer of crude oil and rising international oil prices are inflating domestic transport fuel costs in a strong demand environment.

There is a huge potential in Indian petrochemical sector, but we need import substitutes, pollution-free, cost-effective and indigenous ways to go ahead," he added."."We have the technology to produce methane and agri waste to produce ethanol," he said.3 per cent by FY 2025."India is presently ahead in innovation, entrepreneurship, technology, research and development."The minister added that the government had taken a decision to increase production of ethanol, which is important for the country.The minister also announced the governments plans to start a pilot project in Mumbai, Navi Mumbai, Pune and Guwahati to run electric buses on methanol derived from coal