DelhiDesk India’s demand for chemicals and petrochemicals is expected to reach $1 trillion by 2040, according to Union Minister of Petroleum & Natural Gas and Housing & Urban Affairs Hardeep Singh Puri. Speaking at the Asian Petrochemical Industry Conference in New Delhi, Puri emphasized India’s importance in global energy demand growth, with 25% of the increase in energy demand over the next two decades predicted to come from the country. Puri also highlighted the government’s commitment to fostering a favorable business environment, with measures such as 100% foreign direct investment and the establishment of 10+ plastic parks.
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👉 The demand for chemicals and petrochemicals in India is expected to reach $1 trillion by 2040.
👉 Union Minister of Petroleum & Natural Gas and Housing & Urban Affairs Hardeep Singh Puri stated that 25% of the increase in energy demand over the next two decades would come from India.
👉 The Indian Chemicals and Petrochemicals sector currently stands at $190 billion and has the potential to transform India into a global manufacturing hub.
👉 India already ranks sixth in the world and fourth in Asia in terms of chemicals production, exporting to over 175 countries.
👉 The Indian petrochemical industry is expected to contribute nearly 10% to the incremental growth in global petrochemical demand in the coming years.
👉 The sector’s growth rate is projected to be 1.2-1.5 times the country’s GDP, with the chemical market in India projected to reach $300 billion.
👉 The Indian government has implemented measures to boost the sector, including 100% foreign direct investment, Petroleum, Chemicals and Petrochemicals Investment Region zones, and the establishment of 10+ plastic parks.
👉 The upcoming PCPIR policy is expected to attract investments exceeding 34 lakh crore ($420 billion) in the sector.
👉 The Indian government is proactively addressing current challenges and implementing flagship initiatives to enhance competitiveness, quality, and industry output.
👉 India possesses a significant advantage, with 80% of its petrochemical capacity integrated with petroleum refineries, ensuring feedstock certainty.
👉 India’s refining capacity has risen from 215 million metric tons per annum in 2013-14 to 251.2 MMTPA, making it the world’s fourth-largest refining capacity.
👉 Updated on May 19, 2023, at 08:56 PM IST.
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