News Release Details
Paswan sees Rs. 35,000cr investment in petrochem
New Delhi 29-Sep-2007
Union minister for chemicals and. fertilisers Ram Vilas Paswan said on Friday that Rs 36,000 cores investment is likely to be made in the . Petrochemical sector during the next five years. "This investment will raise ethylene capacity in the country from the current level of 2.7 million tonnes to 6.9 million tonnes," Mr Paswan said after releasing the 'National Policy on Petrochemicals' here. He said that domestic petrochemical industry, which currently employs 3.4 lakh people (in both upstream and down stream), will create additional employment of 3.3 million through the development of the sector during the Eleventh Five-Year Plan. The National Policy-on Petrochemicals aims to increase investments in the sector and capture a slice of the resurgent Asian demand in polymers through additions in capacity and production by ensuring availability of raw materials at internationally competitive prices," said Mr Paswan. He said that the plastic industry has a tremendous potential for growth in the coming decade as it caters to a. 'divide by making available quality products at affordable prices. The existing per capita domestic polymer consumption of 4.7 kg is likely to be enhanced to 12 kg by 2011-12, he said.On petroleum, chemical and petrochemical investment regions announced by his ministry, Mr Paswan said that Centre will invest around Rs 4,000-10,000 crores in each region. He said the Centre plans to set up four to five such regions in the country.Mr Paswan said that till now the Centre has received project reports from Andhra Pradesh, Karnataka and the Gujarat State governments. He said that the ministry is currently scrutinizing these projects and will send it to the high-level committee by January 2008. After the committee clears the project, it will be sent to the Union Cabinet for final clearance.
New Delhi 29-Sep-2007
Union minister for chemicals and. fertilisers Ram Vilas Paswan said on Friday that Rs 36,000 cores investment is likely to be made in the . Petrochemical sector during the next five years. "This investment will raise ethylene capacity in the country from the current level of 2.7 million tonnes to 6.9 million tonnes," Mr Paswan said after releasing the 'National Policy on Petrochemicals' here. He said that domestic petrochemical industry, which currently employs 3.4 lakh people (in both upstream and down stream), will create additional employment of 3.3 million through the development of the sector during the Eleventh Five-Year Plan. The National Policy-on Petrochemicals aims to increase investments in the sector and capture a slice of the resurgent Asian demand in polymers through additions in capacity and production by ensuring availability of raw materials at internationally competitive prices," said Mr Paswan. He said that the plastic industry has a tremendous potential for growth in the coming decade as it caters to a. 'divide by making available quality products at affordable prices. The existing per capita domestic polymer consumption of 4.7 kg is likely to be enhanced to 12 kg by 2011-12, he said.On petroleum, chemical and petrochemical investment regions announced by his ministry, Mr Paswan said that Centre will invest around Rs 4,000-10,000 crores in each region. He said the Centre plans to set up four to five such regions in the country.Mr Paswan said that till now the Centre has received project reports from Andhra Pradesh, Karnataka and the Gujarat State governments. He said that the ministry is currently scrutinizing these projects and will send it to the high-level committee by January 2008. After the committee clears the project, it will be sent to the Union Cabinet for final clearance.