Indian Economy News

New petchem policy to help make country a net exporter: Secy

  • PTI
  • September 12, 2018

Ahmedabad: The Centre is working towards making the country a net exporter of chemicals and petrochemicals and the soon-to-be announced integrated policy for the sector will have the measures to fill in this gap, chemicals and petrochemicals secretary P Raghavendra Rao said Tuesday.

Currently the country imports fertilizers and chemicals worth over Rs 3 trillion and while exports are worth around Rs 2 trillion, leaving a gap of around Rs 1 trillion annually, Rao said.

"We want to see a scenario, may be in the next 10 years, not only to bridge this gap but also to become a net exporter of fertilizers and chemicals," Rao told and industry event orgainsed by Ficci here.

The share of chemicals and petrochemical sector is 15 -16 per cent in the manufacturing sector and we would like to take it to 25 per cent, Rao added.

On the draft integrated policy for the sector, he said "our latest thinking is that, based on the inputs from various sources, we need to come up with an integrated policy for both chemicals and petrochemicals sector. Our attempt should be to announce the policy in this financial year. We may also try to bring it earlier." 

Rao admitted that all the four PCPIRs (petroleum, chemicals and petrochemicals investment regions) are facing "lots of issues in terms of infrastructure, new investment, incentives and feedstock".

These four PCPIRs are located in Gujarat, Andhra, Odisha and Tamil Nadu.

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

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