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The purpose of this policy is to promote investment in upstream and downstream industries, increase production and consumption, generate infrastructure, and promote the development of plastics and synthetic fibers.
The shift in global petrochemical consumption has provided a vast opportunity for petrochemicals. The comparative advantage of India's comparably-abundant population, the availability of skilled workers with competitive wage advantages, and the current low per capita consumption are the main drivers of growth.
The Indian government clarified the country’s petrochemical policy. This is the future use of global petrochemical demand and production shifts. A stable investment in the petrochemical sector will be opened to support the growth of demand. The growth rate of the petrochemical sector will be used to support demand growth and the use of the growth of the petrochemical sector. The rate is a multiplier for all GDP growth, so a national version of the policy document is necessary.
The purpose of the National Petrochemical Policy is:
1. Increase investment in the petrochemical sector, whether upstream or downstream, to ensure that raw materials are obtained at internationally competitive prices, produce quality infrastructure and other facilities, ensure added value, and increase exports.
2. Increase domestic demand and increase per capita consumption of plastics and synthetic fibers.
3. Improve the use of petrochemicals in the cutting-edge field.
4. To increase competitiveness and polymer absorption capacity, and to increase the added value of the domestic downstream plastics processing industry through modernization, research and development negotiations, and lifting of structural restrictions.
5. Promote investment in the emerging petrochemical sector.
6. To achieve a stable growth of the petrochemical sector, through innovation in the management, recycling and development of eco-photo-degradable polymers and plastics.
7. Promote the research and development of petrochemicals and promote the development of human resources.
8. Ministers of petrochemicals, fertilizers and steel, senior officials from the government, and senior representatives from the petrochemical and plastics industries attended the press conference.
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Shri Ram Vilas Paswan, India's petrochemical fertilizer and steel minister, will release the country’s petrochemical policy.