The Minister for Chemicals & Fertilisers and Steel, Shri Ram Vilas Paswan will release the National Policy on Petrochemicals.

The policy is aimed at promoting investment in upstream in downstream industries, increase production and consumption, create infrastructure and promote research and development of plastic and synthetic fibres.

The global shift in consumption of petrochemicals has provided immense opportunities for petrochemicals. India’s comparative advantages are huge population, availability of skilled manpower at competitive wage rate and current low per capita consumption are the major drivers for growth.

Government of India has brought out the National Policy on Petrochemicals in order to take advantage of the global shift in demand and production for petrochemicals, to channelise substantial investments in this sector to support the increase demand and to use the growth in this sector as a support the increase demand and to use the growth in this sector as a “force multiplier” for the overall GDP growth, a National vision in the form of a Policy document is needed.

The National Policy for Petrochemicals aims to:-
i. increase investments in the sector, both upstream and downstream by ensuring availability of raw materials at internationally competitive prices, creating quality infrastructure and other facilitation to ensure value addition and increase exports.

ii. increase the domestic demand and per capita consumption of plastics and synthetic fibres; iii. and to increase the use of petrochemicals in thrust areas;

iv. increase the competitiveness, polymer absorption capacity and value addition in the domestic downstream plastic processing industry through modernization, research and development measures and freeing it from structural constraints;

v. facilitating investment in the emerging areas of petrochemicals;

vi. achieve environmentally sustainable growth in the petrochemical sector through innovative methods of plastic waste management, recycling and development of bio- photo-degradable polymers and plastics;

vii. promote Research and Development in Petrochemicals and promote Human Resource Development.

The Minister of State for Chemicals & Fertilisers Shri B.K. Handique, senior officials from Government of India and the States and representatives of Petrochemicals and plastic industry will be present on the occasion.