$30 billion investment opportunity in the country’s petrochemical sector in the next decade: Puri
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Addressing the ‘Asia Petrochemical Industry Summit 2023’ here, the Minister said that the Indian chemical and petrochemical sector is about $190 billion and is poised to grow rapidly.
Petroleum Minister Hardeep Singh Puri on Friday said investment opportunities worth $30 billion would arise in the petrochemical sector over the next decade to meet the growing demand in India, the world’s third largest energy consumer. Addressing the ‘Asia Petrochemical Industry Summit 2023’ here, the Minister said that the Indian chemical and petrochemical sector is about $190 billion and is poised to grow rapidly. He said that per capita consumption is still low as compared to developed economies.
Puri said the country’s petrochemical sector has made significant progress in recent years and has become one of the largest producers of petrochemical products in the world. He said, “I am told that the market size of the Indian chemical and petrochemical sector is around $190 billion. The per capita consumption of various chemical products is quite low as compared to developed economies. And this gap provides ample space for demand growth and investment opportunities.”
The minister said that the demand for chemicals and petrochemicals in India is expected to almost triple and is expected to reach one trillion dollars by 2040. He said, “The petrochemical sector has a potential investment opportunity of $30 billion over the next decade. The Government of India is actively addressing the current challenges and implementing several flagship programs to improve the industry’s competitiveness, quality and output.
Disclaimer:IndiaTheNews has not edited this news. This news has been published from PTI-language feed.
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