India's petrochemical sector to grow over three-fold to USD 1 trillion by 2040: Hardeep Puri

New Delhi [India], November 6 (ANI): India's petrochemical sector is on track to touch USD 300 billion next year, with the potential to reach upwards of USD 1 trillion in 2040, Union Minister for Petroleum and Natural Gas Hardeep Singh Puri.
India is transforming into a global petrochemical powerhouse under Prime Minister Narendra Modi's leadership, said the minister in an X post, attaching a video highlighting the works that are underway and or are in the plans.
"Our petrochemical sector, once valued at USD 220 billion, is on track to reach USD 300 billion by 2025, with potential to touch USD 1 trillion by 2040," Puri said.
The growth in the sector means more jobs, growth, and a sustainable, self-sufficient future for every Indian, Puri said.
With initiatives like Petroleum, Chemicals and Petrochemicals Investment Regions (PCPIRs) and 100 per cent FDI, India is paving the way for global investors and building a cleaner, greener tomorrow.
With a rising population and an expanding middle class, the demand for products, from fertilizers to electronics, is skyrocketing in India.
India is the world's sixth largest chemicals producer, there is still room to grow. India's per capita consumption is far below developed countries, which means massive potential.
The government is paving the way with major policies and investments. PSUs like ONGC and BPCL are joining forces with private players, pushing nearly USD 45 billion into new projects. And over the next decade, the video presentation said that the government expects another USD 100 billion in investments.
With 100 per cent foreign direct investment allowed automatically, India has become a top destination for global investors who see its potential.
But there is one challenge as India still imports around 45 per cent of its petrochemical intermediates.
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. (ANI)