Inaugurating an international conference and exhibition of chemicals and petrochemicals industry, he said the event was happening at a time when the Indian economy was witnessing a rebound.
"I do hope shortly it would come back to the path of steady growth," the President said.
Mukherjee underlined the importance of research and development as a key to the advancement of the sector.
"At present, the R&D expenditure in this sector is only one or two per cent on the total turnover. This is highly unsatisfactory," he said and urged the industry captains to spend at least five to six per cent of the turnover on research.
Mukherjee said the industry must also ensure adherence to safety and international health and environmental standards.
The industry must also promote sustainable development by investing in technology that safeguards environment and stimulate growth, he said.
The President said the global chemical market was estimated to be around USD 3.4 trillion of which India had a three per cent share.
"This is the time that industry should have a new roadmap and a conference like this would open up new vistas for growth," he said.
Mukherjee said efforts should also be made to nurture talent and make sure that skill development matched the growth requirement of the industry.