Indian Petrochemical Sector Undergoing Golden Age: Dharmendra Pradhan

Union Minister for Petroleum and Natural Gas, Skill Development & Entrepreneurship, Dharmendra Pradhan said that India’s petrochemicals sector is going through a golden period, with growth rates of 14-15 per cent per annum.

Inaugurating a first-of-its-kind Petrochemical Investors Conclave in Bhubaneswar, he said that Odisha, with ready availability of raw material from Paradip Refinery and other units from all over the country, skilled, low-cost manpower, port infrastructure & rail connectivity and a large regional market, must fully utilise the opportunity to create investment opportunities in the downstream industries such as Plastic Park and Textiles Park in the State.

Highlighting the developmental vision of the Prime Minister, Narendra Modi for Eastern India, Mr Pradhan said that accelerated development of Eastern States is one of the top priorities of the Govt of India.

While the per capita consumption of plastics in India is only 10 kg as compared to the world average of 32 kg, it is much lower at 5 kg in Eastern India, he said.

The Petrochemical Investors Conclave

The Petrochemical Investors Conclave has been organised to create a new inspiration and a new eco-system for the growth of petrochemicals sector in the State of Odisha, and generate wealth for a new generation of entrepreneurs, while at the same time creating employment opportunities for the youth of the State on a large scale, he said.

Mr Pradhan hoped that the Conclave, with the theme “Purvodaya - The Dawn of New Investment Opportunities in Eastern India,” would serve as an effective platform for young investors to interact with business leaders of the petrochemicals industry, Government functionaries, financial institutions, supply chain professionals as well as incubators in the academia at one place.

Mr Pradhan announced that CIPET will set up a technology service centre in Paradip to support the development of Plastic units there.