News Release Details
Big investment in petrochem sector
New Delhi 29-Sep-2007
The petrochemical sector in the country is likely to witness an investment of over Rs 36,000 crore over the next five years, minister for steel, chemicals and fertilisers Ram Vilas Paswan said here today. Releasing "National policy on petrochemicals" here, he said the investment will increase ethylene capacity, the basic raw material for the industry, from the current Ievel of 2.7 million tonnes to 6.9 million tonnes. Expressing hope that the policy will help India to become a major global sourcing centre in petrochemicals and plastics, the minister said the implementation of Assam Gas Cracker project with an investment of Rs 5,460 crore ethylene capacity of 2.20 lakh tonnes per annum is being monitored by the ministry. "He said domestic petrochemical industry employs about 3.4 lakh persons, both in upstream as well as downstream processing industry, and has high potential to generate employment to the tune of 3.3 million more people during the 11 the Plan. The policy aims to increase investments in the sector, capture a slice of resurgent: Asian demand in polymers, creating quality infrastructure to ensure value addition and increase exports. The other objectives include to increase the domestic demand and consumption of plastics and synthetic fibres and to increase the use of petrochemicals in thrust areas. The existing per capita domestic polymer consumption of 4.7 kg is likely to be enhanced to 12 kg as compared to the existing world average of 25 kg. per capital. Earlier speaking on the occasion, minister of state for chemicals & fertlisers B.K. Handique said in view of the country's advantageous position in research and development front, the global companies from developed countries might look to India for investment and outsourcing their research requirements and we must be ready to seize the opportunity.
New Delhi 29-Sep-2007
The petrochemical sector in the country is likely to witness an investment of over Rs 36,000 crore over the next five years, minister for steel, chemicals and fertilisers Ram Vilas Paswan said here today. Releasing "National policy on petrochemicals" here, he said the investment will increase ethylene capacity, the basic raw material for the industry, from the current Ievel of 2.7 million tonnes to 6.9 million tonnes. Expressing hope that the policy will help India to become a major global sourcing centre in petrochemicals and plastics, the minister said the implementation of Assam Gas Cracker project with an investment of Rs 5,460 crore ethylene capacity of 2.20 lakh tonnes per annum is being monitored by the ministry. "He said domestic petrochemical industry employs about 3.4 lakh persons, both in upstream as well as downstream processing industry, and has high potential to generate employment to the tune of 3.3 million more people during the 11 the Plan. The policy aims to increase investments in the sector, capture a slice of resurgent: Asian demand in polymers, creating quality infrastructure to ensure value addition and increase exports. The other objectives include to increase the domestic demand and consumption of plastics and synthetic fibres and to increase the use of petrochemicals in thrust areas. The existing per capita domestic polymer consumption of 4.7 kg is likely to be enhanced to 12 kg as compared to the existing world average of 25 kg. per capital. Earlier speaking on the occasion, minister of state for chemicals & fertlisers B.K. Handique said in view of the country's advantageous position in research and development front, the global companies from developed countries might look to India for investment and outsourcing their research requirements and we must be ready to seize the opportunity.