New Delhi, October 18 (IANS). India’s chemical and petrochemical sector can grow to $300 billion by 2025. At present it is at 220 billion dollars. Union Petroleum Minister Hardeep Singh Puri gave this statement on Friday.
Addressing the ‘Roundtable on Petrochemicals’ during ‘India Chem 2024’, the Union Minister said that the demand for chemicals is expected to almost triple by 2040 and India’s petrochemical industry could reach one trillion dollars.
Chemical industry plays an important role in the economy of India. Its contribution to GDP is about 6 percent and it creates employment opportunities for more than 50 lakh people.
“The petrochemical sector in India is expected to attract investments of over $87 billion over the next decade, representing over 10 per cent of global petrochemical growth,” the Union Minister said.
The annual consumption of chemicals in India is 25 to 30 million tonnes, which is much less than the developed countries of the world on per capita basis. For this reason, there are strong possibilities of development in the chemical sector.
Globally, India is the sixth largest chemical producing country in the world and the third largest in Asia. Chemicals are exported from India to more than 175 countries.
Puri emphasized that chemicals and petrochemicals will drive growth in global oil demand, with India’s integrated petrochemical capacity closely linked to its expanded refining capabilities.
The Union Minister further said that India’s petrochemical capacity is continuously expanding. It is estimated to be 46 million tonnes by 2030, which is currently 29.62 million tonnes.
–IANS
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