Chemicals and Fertiliser Minister Ananth Kumar stated here on Thursday that the petrochemicals sector needed an investment of over Rs. 60,000 crore for the segment to grow. 

To promote investment in the sector, Kumar stated that the Government is trying to provide a transparent and investment friendly policy regime for Petroleum, Chemicals and Petrochemical Investment Regions (PCPIRs) to be set up including one at Paradip in Odisha.

The Minister was attending a Petrochemical Conclave organised by Indian Oil and said that stakeholders should produce a ‘Move Forward Paper’ that would highlight issues that required Central and State support.

Kumar also mentioned that to facilitate the ‘Make In India’ process, the Centre will address issues concerning Petrochemicals industries and suggested that refining companies partake in helping develop infrastructure for downstream industries.

“There is need for setting up logistics hubs, supply chain efficiency, import substitution and localisation to give boost to the sector,” said Surjit Chaudhary, Chemicals and Petrochemicals Secretary.

 

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