Hardeep Singh Puri: The consumption of petrochemical products in India is continuously increasing. The country’s annual consumption of these products is about 30 million metric tons, which will increase further. Currently, the petrochemical sector is about $220 billion. It is expected to reach $300 billion by 2025. The increased demand is expected to triple to $1 trillion by 2040. Also, an investment of about $87 billion is expected in the petrochemical sector in a decade.
Demand Is Increasing With The Growing Middle Class
Union Petroleum Minister Hardeep Singh Puri said at the India Chem event held in Mumbai on Saturday that the middle class in the country is growing. Due to this, the demand for petrochemical products is also increasing rapidly.
The country’s per capita petrochemical consumption is much lower than in developed countries. There are immense possibilities for investment in this sector. This is why India, China, and the Middle East are still working on increasing petrochemical production capacity. On the other hand, many countries are moving rapidly towards clean energy.
Public Sector and Private Companies Will Also Increase Investment
According to Hardeep Singh Puri, public-sector companies working in the oil sector also increase their investments. These include ONGC and BPCL. In addition, private-sector Haldia Petrochemicals will invest about $45 billion. The country currently needs an investment of $100 billion in this sector. We are also working on reducing our carbon emissions, and clean energy is also being promoted in the country.
Increasing Petrochemicals Production In The Country
He said that by 2030, the country’s petrochemicals production will increase from 29.62 million tonnes to 46 million tonnes. We are also working on the Petroleum, Chemicals, Petrochemicals Investment Region, Plastic Park, and Textile Park. Apart from this, full emphasis is also being laid on increasing FDI. We have to invest Rs 10 lakh crore by 2025.
