Indian petrochemicals industry is expected to touch USD 300 billion next year and could reach USD 1 trillion by 2040, stated Union Minister for Petroleum & Natural Gas, Hardeep S Puri. India is slowly and gradually emerging as a world power in the petrochemical segment under the stewardship of Prime Minister Narendra Modi, said the minister in an X post where a video has been posted featuring some under construction and upcoming projects.
On his part, Puri said the expansion in the sector leads to employment, and development creates a sustainable and self-reliant tomorrow for all Indians.
India is inviting Global investors through concepts such as Petroleum, Chemicals & Petro Chemicals Investment Regions (PCPIRs) and committed FDI into the country to help it move towards a cleaner future.
The government already creating it with large policies and investments. PSUs such as ONGC and BPCL are teaming up with other private companies, and have nearly USD 45 billion to invest in greenfields projects. In the following decade, according to the video, the government believes that investment would be, USD 100 billion. Indeed India has developed as a global favorite amongst investors who see such potential since it allows 100 % FDI through the automatic route. Nevertheless, a problem exists because India still imports about 45 percent of petrochemical intermediates.
Specialty chemicals present another fast-growing market, which rises by 12 percent per year. India is learning from the best practices on how to develop chemical clusters, develop strategies for innovation, achieve the critical mass required, and develop world-class facilities.
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