India to contribute more than 10% of incremental global growth in Petrochemicals over next decades

Union Minister for Chemicals & Fertilizers and Health & Family Welfare, Mansukh Mandaviya stated yesterday that India's Petrochemical Industries has been one of the fastest-growing industries in the Indian economy with high demand growth. India is projected to contribute more than 10% of the incremental global growth in Petrochemicals over the next decades. However, amidst the Petrochemical growth globally, volatility, significant Import dependency and attractive demand growth have been the primary reasons for which India needs Petrochemical assets to meet the domestic and global demand, he added. The Union Minister further stressed that although import dependency of the country has reduced, there is need for a holistic approach to create an atmosphere for the industrialists to be able to compete globally. He suggested the need to create a roadmap for the plastic industry for long term policy support, investment as well as export promotion.

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