Chemicals and Petrochemicals Industry Witnessing Rapid Expansion In India

The Indian chemicals and petrochemicals sector has a significant potential to help India reach its goal of $5 trillion by 2025, stated Union Minister of Chemicals & Fertilizers, D.V. Sadananda Gowda while inaugurating the 'Summit on Global Chemicals & Petrochemicals Manufacturing Hubs in India 2019' in Mumbai today. Noting that this industry is currently witnessing a rapid expansion in India, Gowda further stated, the current growth of the petrochemicals industry can be further accelerated with a mix of policy changes and right coordination. The Petroleum, Chemicals and Petrochemicals Investment Regions (PCPIR) Rejuvenation Study, which is a joint endeavour of the Union Ministry of Chemicals & Fertilizers and the Federation of Indian Chambers of Commerce & Industry (FICCI) was launched on the occasion. This study highlights the continuous development of PCPIR, its current scenario and Union Government's roadmap for policy interventions to rejuvenate investment in PCPIRs.

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