In Bina, Madhya Pradesh, the Prime Minister, Mr. Narendra Modi, laid the foundation stone of development projects worth more than Rs. 50,700 crore (US$ 6.11 billion) on September 14, 2023. The Petrochemical Complex at Bina Refinery of Bharat Petroleum Corporation Limited (BPCL) will be developed at a cost of approximately Rs. 49,000 crore (US$ 5.91 billion).

According to NITI Aayog, the Indian agrochemical industry has the potential to grow more than the current mark of 9%.

Centre may begin production-linked initiative (PLI) for chemical, petroleum sector, says Union Finance Minister, Ms. Nirmala Sitharaman. She further stated that India plans to be energy independent by 2047 and achieve net zero by 2070.

Oil and Natural Gas Corporation (ONGC) is planning an investment of US$ 12.23 billion (Rs. 1 lakh crore) for expanding petrochemical capacity which eventually aligns with the government’s thrust to propel India to become the major petrochemical hub in the world.

A letter of intent (LoI) worth US$ 182 million has been signed between chemical maker Anupam Rasayan India Ltd. and a Japanese firm for supply of speciality chemicals for next seven years.