ENA Sectors 2024-11-07 15:08:05 <p><span style="font-size:14px"><strong>New Delhi, Nov 7 (KNN)</strong> India's petrochemical industry is set to reach a valuation of USD 300 billion by 2025, with projections indicating potential growth to USD 1 trillion by 2040, according to Union Minister for Petroleum and Natural Gas Hardeep Singh Puri.</span></p> <p><span style="font-size:14px">Making the announcement via social media platform X, Minister Puri highlighted India's emergence as a global petrochemical powerhouse under Prime Minister Narendra Modi's administration.</span></p> <p><span style="font-size:14px">The sector, currently valued at USD 220 billion, is witnessing unprecedented expansion that promises increased employment opportunities and economic growth while promoting self-sufficiency.</span></p> <p><span style="font-size:14px">The government's ambitious vision is supported by strategic initiatives including the establishment of Petroleum, Chemicals and Petrochemicals Investment Regions (PCPIRs) and allowing 100 percent Foreign Direct Investment (FDI). These measures are designed to attract global investors while maintaining a focus on environmental sustainability.</span></p> <p><span style="font-size:14px">As the world's sixth-largest chemicals producer, India's growth potential remains substantial, particularly given its relatively low per capita consumption compared to developed nations.</span></p> <p><span style="font-size:14px">The surge in demand is driven by the country's expanding middle class and growing population, spanning sectors from fertilisers to electronics.</span></p> <p><span style="font-size:14px">Major public sector undertakings, including ONGC and BPCL, are collaborating with private entities to inject nearly USD 45 billion into new projects.</span></p> <p><span style="font-size:14px">Government projections indicate an additional USD 100 billion in investments over the next decade.</span></p> <p><span style="font-size:14px">However, the sector faces challenges, notably its dependence on imports for approximately 45 percent of petrochemical intermediates.</span></p> <p><span style="font-size:14px">The specialty chemicals segment has emerged as a particular bright spot, experiencing robust annual growth of 12 percent.</span></p> <p><span style="font-size:14px">Drawing inspiration from international chemical hubs, India is developing integrated clusters to foster innovation, optimise operational efficiency, and establish world-class manufacturing facilities.</span></p> <p><span style="font-size:14px"><em><strong>(KNN Bureau)</strong></em></span></p> 39833 https://knnindia.co.in/news/newsdetails/sectors/indias-petrochemical-industry-set-to-hit-usd-1-tn-by-2040-hardeep-singh-puri 2024-11-07 15:08:05 knnindia.co.in