The chemicals and petrochemicals sector has huge potential and can contribute significantly towards achieving the government's target of $5 trillion economy, union minister Sadananda Gowda said on Tuesday.

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The minister of chemicals and fertilisers presented the 10th National Awards for technology innovation in petrochemical and downstream plastic processing industry here.

Having vast potential, the chemicals and petrochemicals sector could emerge as a leading sector in achieving Prime Minister Narendra Modi's vision of reaching $5 trillion economy at the earliest, Gowda said in a tweet.

"India has potential to become a global petrochemical hub & factors like high GDP growth, presence of skilled manpower, big domestic market makes India an attractive platform for investment in the sector," he tweeted.

In the current edition of the national awards, 273 nominations were received, out of which four were selected as winners and nine as runners-up.

(Edited by : Jomy)