Speaking to newsmen on the completion of 60 years of ICMA's existence, Shroff said the association's mission would be to foster and promote the development of the chemical industry for the overall betterment of society by improving the synergy between the forces of technology, commerce and government.

BCG had earlier submitted white papers on disinvestment of public sector units and privatisation of insurance sector.

He expressed concern over the rising cost of energy consumption in India and said ICMA would hire an agency to review the scenario and suggest ways to curtail the cost of energy consumption particularly in chemical industry.

Highlighting various achievements and contributionmade by the ICMA since 1938, Shroff said that efforts should be made to remain cost competitive and environment friendly with high standard of safety norms as the nation is moving from a protective environment to a free market economy.

In this context, he said that ICMA would be focusing on creating alliances with regional bodies and overseas associations in upgrading infrastructure facilities and improving worldwide network for greater interaction and exchanges of views.

Shroff observed that the visible trend in overseas markets was to shift from synthetic materials to natural derivatives and India being a long of huge natural resources and skilled manpower has an advantage to enlarge its business share in world market in the near future.