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Setting up of Petroleum, Chemicals and Petrochemical investment Regions

Press Information Bureau:  March 11, 2015

New Delhi: The Government of India has approved setting up four Petroleum, Chemicals and Petrochemical Investment Regions (PCPIRs) in the States of Andhra Pradesh (Vishakhapatnam – Kakinada), Gujarat (Dahej), Odisha (Paradeep) and Tamil Nadu (Cuddalore – Nagapattinam). These PCPIRs are at different stages of implementation. As per PCPIR Policy 2007, PCPIRs are infrastructure driven projects wherein Government of India provides support for development of external physical infrastructure linkages e.g. rail, road, port, airport, telecom through Viability Gap Funding (VGF). Budgetary allocation may also be provided wherever required. As per the approvals of Cabinet Committee on Economic Affairs (CCEA), VGF support of Rs. 80.50 crore for Gujarat, Rs. 716 crore for Odisha, Rs. 1206.80 crore for Andhra Pradesh and Rs. 1146 crore for Tamil Nadu has been approved for different infrastructure projects. Rs. 1500 crore have been approved as budgetary support for Tamil Nadu. No VGF funding has been released to any of the State so far. PCPIRs are the projects with long gestation period and may take around 15-20 years to achieve full potential.

The PCPIR projects are already functional and realization of full potential is a gradual process. The Government has set up Steering Committees for monitoring the implementation of PCPIRs in various states. The PCPIRs have been promoted in domestic and international forum through exhibition, road shows and interaction with industry associations in order to attract investments.

This information was given by Shri Hansraj Gangaram Ahir, Minister of State of the Ministry of Chemicals and Fertilizers in the Lok Sabha today.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.

x IBEF : India Brand Equity Foundation