The petrochemical sector requires an investment of over Rs 60,000 crore in the near future and the government is ready to provide this investment to usher growth in the segment, Fertiliser Minister Ananth Kumar said.
Speaking at the Petrochemical Conclave in New Delhi, the Minister said all stakeholders should come out with a ‘Move Forward Paper’ culling out issues needing support from the central and the state governments.
"The sector needs an investment of over Rs 60,000 crore in near future and Government is ready to provide the investment," he said statement by the Fertiliser Ministry.
On Prime Minister’s ‘Make in India’ call, the Minister said that the Government is ready to address the basic issues concerning the sector of Petrochemicals and downstream industries, like environment, infrastructure and incentives.
Kumar also suggested that refining companies be anchor units and take part in the development of downstream industries and infrastructure.
He also stressed the need of capacity building in the sector. There could be another vertical in several institutes for training the personnel in the petrochemicals, he said.
Chemicals and Petrochemicals Secretary Surjit Chaudhary said, "There is need of setting up logistics hubs, supply chain efficiency, import substitution and localisation to give boost to the sector."
He also said the Government is looking into the issues that are hampering the growth in the sector, and would facilitate its growth.
The Petrochemical Conclave is the fourth in the series of such Conclaves and is organised by Indian Oil Corporation. A large number of stakeholders and interested companies in the Petrochemical sector from India and abroad have participated in the conclave.