New policy in offing for petrochem
Chemicals & Petrochemicals Secretary Satwant Reddy said, the government proposes to attract major investments in this sector.
By PTI |
MUMBAI: With a view to promote investment in the petrochemicals sector and make India an important hub for both domestic and international markets, the Ministry of Chemicals and Fertilisers is formulating a policy for establishing petroleum, chemicals and petrochemicals investment regions (PCPIR).
Addressing the Chem Summit 2006 organised by the Confederation of Indian Industry (CII) here today, Chemicals & Petrochemicals Secretary Satwant Reddy said, the government proposes to attract major investments in this sector.
"The PCPIR aims to provide state-of-the-art infrastructure and support that can boost manufacturing, augmenting exports and generate employment," Reddy said.
Pointing out that the PCPIR policy would provide a sustained, transparent and investment-friendly policy, she said, "the regime would encourage production for domestic and world markets."
The regions, with an integrated petroleum, chemical and petrochemical complex would reap the benefits of co-siting, networking and greater efficiency through use of common infrastructure and support services.
"Such a complex would boost manufacturing, augment exports and generate employment," she said.
Speaking on the petrochemicals sector, Reddy said the sector was now worth about USD 7 billion with a large and fast-growing domestic market.
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