"There has been a substantial increase in demand of petrochemicals in India in the last decade or so, but China has taken advantage of that as it is now supplying much of these chemicals to our country," Chemicals Secretary Surjit Chaudhary said at a conference here.
Petrochemicals, which are derived from crude oil, could also be obtained from other sources especially coal, guar-gum, neem among others.
The official also added the Centre is planning to set up Reverse Special Economic Zones (SEZ) in various nations starting from Iran in order to meet the increasing demand of specialty chemicals in the country.
"India is exploring to set up a chemical plant in Iran, a delegation has already gone there," he said.
The domestic process and chemical industry needs to explore joint ventures and acquire assets in the oil & gas rich regions abroad for securing alternative feedstock and energy sources, he said.
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