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Business EconomyPosted at: Jun 24 2016 8:39PM


Chemicals, petrochemicals industry need to grow at 14.7 pc: Ananth Kumar

New Delhi, Jun 24 (UNI) Reiterating its commitment to facilitate in the chemicals and petrochemicals industry’s growth story, the government today called upon the industry to target a growth rate of 14.7 per cent to double its output in next five years.
Speaking at a seminar on “Sustainable Chemistry – India’s future growth story”, Union Minister of State Chemicals and Fertilizers Ananth Kumar said, “The Chemicals and Petrochemicals industry in the country is growing at the rate of 11-12 per cent and producing output worth 200 billion dollars annually. Now, the industry should target a growth rate of 14.7 per cent so as to double its output in next five years.”
Touching upon the issue of availability and cost of feedstock for these industries, he said the government can help in long term pricing contract with other countries for natural gas.
Mr Kumar said there are 22 refineries in the country and there is a move to set up chemical hubs around them that would result in savings as cluster approach can reduce costs. The projects need not be confined only to the Greenfield projects but also cover the Brownfield projects.
He further called upon the industry to be competitive in all aspects. The government has opted for Coal Gasification route for Talcher Fertilizer plant and is also laying gas pipelines to make available gas in the Eastern part of the country.
On reverse SEZs issue, he said the discussions are on with Iran and Mozambique, and other places can also be explored.
Earlier addressing the seminar, Chemicals and Petrochemicals Secretary A K Bishnoi said the sector has vast potential of generating employment. Though the sector contributes 3.8 per cent to GDP and 9.4 per cent to exports, the per capita consumption of the product is low and hence, there is immense potential to grow.
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Tags: #Chemicals# petrochemicals industry need to grow at 14.7 pc: Ananth Kumar
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