The Indian government’s petrochemical policy promotes the development of synthetic fibres
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Shri Ram Vilas Paswan, India's Minister for Petrochemicals, Fertilizers, and Steel, is set to unveil the country’s new National Petrochemical Policy. This initiative aims to boost investment across both upstream and downstream sectors of the petrochemical industry, enhance production and consumption, and foster infrastructure development. It also seeks to drive growth in plastics and synthetic fibers, positioning India as a key player in the global market.
With a global shift in petrochemical demand, India stands at a strategic advantage. The nation's large population, availability of skilled labor at competitive wages, and low per capita consumption of petrochemical products present a strong foundation for future growth. The policy is designed to capitalize on these factors and align with long-term global trends in petrochemical production and consumption.
The government has outlined a comprehensive approach to ensure sustained investment in the sector. This includes supporting demand growth through enhanced production, creating a multiplier effect on overall GDP, and ensuring that the policy is tailored to national needs. The policy document emphasizes not only economic growth but also environmental responsibility and technological advancement.
Key objectives of the National Petrochemical Policy include:
1. Encouraging investment in both upstream and downstream segments to secure raw materials at competitive prices, develop quality infrastructure, and increase exports.
2. Boosting domestic demand and raising per capita consumption of plastics and synthetic fibers.
3. Enhancing the use of petrochemicals in advanced industries such as healthcare, automotive, and electronics.
4. Improving the competitiveness of the domestic plastics processing industry through modernization, R&D, and removal of structural barriers.
5. Attracting investment in emerging areas like bio-based polymers and green chemicals.
6. Promoting sustainable growth by focusing on innovation in eco-friendly, photo-degradable polymers and recycling technologies.
7. Supporting research and development in petrochemicals and building a skilled workforce for the future.
8. The launch was attended by top officials from the ministry, industry leaders, and representatives from the petrochemical and plastics sectors, highlighting the importance of this policy for India's industrial growth.