India's petrochemical industry to more than triple in size to $1 trillion by 2040: Hardeep Puri

Share:

India's petrochemical industry is experiencing significant growth and is expected to reach $300 billion by 2025 and possibly $1 trillion by 2040. Driven by population growth and government initiatives, the sector has attracted significant investment aimed at reducing import dependence while creating a sustainable future.

Indian Minister of Petroleum and Natural Gas Hardeep Singh Puri said that India's petrochemical industry is expected to reach a scale of US $300 billion by next year and US $1 trillion by 2040. The minister said india is being transformed into a global petrochemical powerhouse under Prime Minister Narendra Modi, along with a video highlighting the work in progress or planned. Puri said: "The value of our petrochemical industry once reached 220 billion US dollars. It is expected to reach 300 billion US dollars by 2025 and may reach 1 trillion US dollars by 2040." according to Puri, growth in the sector means more jobs, growth and a sustainable, self-sufficient future for every Indian.
Through initiatives such as the Petroleum, Chemicals and Petrochemicals Investment Zone (PCPIR) and 100 per cent FDI, India is paving the way for global investors to build a cleaner and greener future. Demand for products from fertilizers to electronics is soaring in India as the population grows and the middle class expands. India, the world's sixth largest producer of chemicals, still has room to grow. India's per capita consumption is much lower than that of developed countries, which means huge potential. The government is paving the way through major policies and investments. State-owned companies such as ONGC and BPCL are joining forces with private companies to invest nearly $45 billion in new projects. The video presentation says the government expects to spend another $100 billion over the next decade. With India automatically allowing 100 percent of foreign direct investment, India has become the destination of choice for global investors who are bullish on its potential. However, India still faces a challenge, that is, about 45% of its petrochemical intermediates are still dependent on imports.
Specialty chemicals are another high-growth area, growing 12 percent annually. India is taking inspiration from global chemistry hubs to learn how to create clusters that drive innovation, achieve economies of scale and develop world-class facilities.

Previous

Sun Petrochemicals signs deal with government of telangana for Rs 455 billion pumped storage project

Quick inquiry

Create

Inquiry Sent

We will contact you soon