The 4th edition of the NextGen Chemical and Petrochemical Summit held in Mumbai in July 2024 brought together industry experts to discuss the ambitious goal of achieving a $2 trillion chemical sector by 2047. The discussion highlighted the importance of strategic planning, robust policy frameworks, and a focus on inclusive and sustainable growth to realize this vision. Prof. G. D. Yadav emphasized the role of hydrogen as a key element for the future chemical industry, advocating for leveraging CO2 as a feedstock to produce various chemical products. He stressed the need for special incentives to promote sustainable solutions and outlined the potential of green hydrogen, ammonia, and bio-based polymers. S. Ganesan provided insights into the current challenges faced by the industry, such as lengthy Environmental Assessments and regulatory hurdles that hinder innovation and growth. He called for streamlined processes and policy reforms to facilitate industry competitiveness and sustainability. Pankaj Mehta outlined key priorities for industry and policymakers, focusing on the magic of compounding growth, import substitution, and the boost in domestic demand. The discussion emphasized the need for global competitiveness, export promotion, and increasing domestic manufacturing to achieve the $3 trillion economy target by 2047. Overall, the session underscored the potential of India's chemical industry to contribute significantly to the economy while addressing challenges through innovation, sustainable practices, and strategic policy interventions.