India's petrochemical industry to more than triple in size to $1 trillion by 2040: Hardeep Puri

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India's petrochemical industry is experiencing significant growth and is expected to reach $300 billion by 2025 and possibly $1 trillion by 2040. Driven by population growth and government initiatives, the sector has attracted significant investment aimed at reducing import dependence while creating a sustainable future.

Indian Minister of Petroleum and Natural gaseous Hardeep Singh Puri said that India's petrochemical sector is expected to reach a scale of US $300 billion by next year and US $1 trillion by 2040. The minister said india is being transformed into a global petrochemical powerhouse under Prime Minister Narendra Modi, along with a video highlighting the work in progress or planned. And Puri said: "The value of our petrochemical sector once reached 220 billion US dollars. it's expected to reach 300 billion US dollars by 2025 and might reach 1 trillion US dollars by 2040. " according to Puri, development in the sector means greater jobs, development and a sustainable, self-sufficient future to every Indian. Through initiatives such as the Petroleum, Chemicals and Petrochemicals Investment Zone (PCPIR) and 100 per cent FDI, India is paving the way to global investors to build a cleaning agents and greener future. But Additionally Demand to items from fertilizers to electronics is soaring in India as the population grows and the middle class expands. And In my experience, India, the world'sixth largest producer of chemicals, still has room to grow. India's per capita consumption is much reduced than that of developed countries, which means huge possible. The government is paving the way through major policies and investments. But From what I've seen, State-owned companies such as ONGC and BPCL are joining forces with private companies to invest nearly $45 billion in new projects. The video presentation says the government expects to spend another $100 billion over the next decade. With India automatically allowing 100 percent of foreign direct investment, India has have become the destination of choice to global investors who are bullish on its possible. According to research However, India still faces a challenge, that is, about 45% of its petrochemical intermediates are still dependent on imports. Specialty chemicals are another high-development area, growing 12 percent annually. Moreover India is taking inspiration from global chemistry hubs to learn how to create clusters that drive innovation, achieve economies of scale and develop world-class facilities.

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