Hardeep Singh Puri: Consumption of petrochemical products is continuously increasing in India. The annual consumption of these products in the country is about 30 million metric tons. There will be further increase in this in future. Currently the Petrochemicals Sector is worth about 220 billion dollars. It is likely to reach $300 billion by 2025. With increasing demand, it is likely to triple to $1 trillion by 2040. Besides, there is also a possibility of investment of about 87 billion dollars in the petrochemical sector in a decade.
Demand is increasing with growing middle class
Union Petroleum Minister Hardeep Singh Puri said at the India Chem event organized in Mumbai on Saturday that the middle class is growing in the country. Due to this, the demand for petrochemical products is also increasing rapidly. Currently, per capita petrochemical consumption in the country is much less than developed countries. There are immense possibilities for investment in this sector right now. This is the reason why India, China and the Middle East are still working on increasing their petrochemical production capacity. On the other hand, many countries of the world are rapidly moving towards clean energy.
Public sector and private companies will also increase investment
According to Hardeep Singh Puri, public sector companies working in the oil sector are also increasing their investment. These include ONGC and BPCL. Apart from this, private sector’s Haldia Petrochemicals is also going to invest about 45 billion dollars. The country currently needs an investment of 100 billion dollars in this sector. Besides, we are also working on reducing our carbon emissions. Clean energy is also being promoted vigorously in the country.
The country’s petrochemicals production is increasing
He said that by the year 2030, the country’s petrochemicals production will increase from 29.62 million tonnes to 46 million tonnes. We are also working on Petroleum, Chemicals and Petrochemicals Investment Region, Plastic Park and Textile Park. Apart from this, full emphasis is also being laid on increasing FDI. By the year 2025 we have to invest Rs 10 lakh crore.
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