Oil PSUs to join Private forces for worth USD 45 billion project
To attract global investors, the government has launched initiatives like the Petroleum, Chemicals, and Petrochemicals Investment Regions (PCPIRs) and allowed 100 percent Foreign Direct Investment (FDI) in the sector.
Oil PSUs to join Private forces worth USD 45 billion project, Petrochemical sector to grow by USD 1 Trillion
India's petrochemical industry is projected to reach USD 300 billion next year, with the potential to grow to an impressive USD 1 trillion by 2040, according to Union Minister for Petroleum and Natural Gas, Hardeep Singh Puri. In a recent post, Puri highlighted the sector's rapid transformation, stating that India is becoming a global petrochemical powerhouse under the leadership of Prime Minister Narendra Modi.
“Our petrochemical sector, which was valued at USD 220 billion, is on track to reach USD 300 billion by 2025 and has the potential to touch USD 1 trillion by 2040,” Puri noted. He further emphasized that the sector's growth would significantly contribute to job creation and lead to a sustainable, self-reliant future for India.
The government has implemented strategic policies and investments to support this growth, with Public Sector Undertakings (PSUs) like ONGC and BPCL collaborating with private companies on nearly USD 45 billion in new projects. Over the next decade, the government expects an additional USD 100 billion in investments in the petrochemical sector.
Read Also : MOIL's best-ever Production monthTo attract global investors, the government has launched initiatives like the Petroleum, Chemicals, and Petrochemicals Investment Regions (PCPIRs) and allowed 100 percent Foreign Direct Investment (FDI) in the sector.
India’s increasing population and growing middle class are fueling demand for a variety of products—from fertilizers to electronics—while positioning India as the world’s sixth-largest chemicals producer, though with considerable room to expand.
Despite its progress, India faces challenges, with around 45 percent of its petrochemical intermediates still imported. Speciality chemicals are another high-growth area, expanding at 12 per cent each year. India is taking inspiration from global chemical hubs, learning how to create clusters that drive innovation, achieve economies of scale, and develop world-class facilities.
Read Also : Tata Power and Noida International Airport collaborated for Solar and Wind PowerNews Must Read
- Oil PSUs to join Private forces for worth USD 45 billion project
- RBI revises KYC norms to co-ordinate with money laundering rules
- RITES Ltd Q2 results, standalone revenue at Rs 475 crore, declares interim dividend
- Power Grid reports 1.8% rise in consolidated net profit, EBITDA margin stood at 86%
- NTPC to invest Rs 80k cr for 6,400 MW thermal capacity, stock jump over by 0.8%
- IDFC FIRST Bank to offer real-time tracking for international money transfers
- Oil India Limited Reports H1FY25 PAT of Rs 4,085.46 Crore, 5.5% increase in crude oil production
- GAIL shares rallied over 6.5% post Q2 results, reported revenue of Rs 32,931 crore
- These Two PSUs Sign MoU to Utilize Ash for Mine Backfilling
- Coal India aims to rejoin dividend list as ECL improves performance