The Indian government’s petrochemical policy promotes the development of synthetic fibres

Shri Ram Vilas Paswan, India's Minister for Petroleum, Chemicals, and Fertilizers, is set to unveil the nation’s new National Petrochemical Policy. This strategic initiative aims to boost investment across both upstream and downstream sectors of the petrochemical industry, enhance production and consumption, and build essential infrastructure. The policy also focuses on expanding the plastics and synthetic fibers sectors, which are key drivers of economic growth. With a global shift in petrochemical demand, India stands at a unique advantage. The country benefits from a large, skilled workforce with competitive labor costs, along with low per capita consumption of petrochemical products—creating significant room for growth. The government recognizes this opportunity and has outlined a comprehensive plan to harness it. The National Petrochemical Policy outlines several key objectives: 1. Encourage investment in both upstream and downstream sectors to secure raw materials at competitive prices, improve infrastructure, and increase exports. 2. Boost domestic demand by raising per capita consumption of plastics and synthetic fibers. 3. Enhance the use of petrochemicals in advanced industries such as aerospace, automotive, and healthcare. 4. Modernize and expand the downstream plastics processing sector through R&D, innovation, and removing structural barriers. 5. Attract investment in emerging areas like bio-based polymers and eco-friendly materials. 6. Promote sustainable growth by focusing on innovation in recycling, eco-degradable plastics, and green technologies. 7. Support research and development in petrochemicals and invest in human capital to build a skilled workforce. The launch was attended by top officials from the Ministry of Petroleum, Chemicals, and Fertilizers, along with industry leaders and experts. The policy marks a crucial step toward positioning India as a global leader in the petrochemical sector, ensuring long-term economic resilience and environmental sustainability.

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