Home / News / India /  Centre plans to redraft PCPIR policy guidelines: Khuba

New Delhi: The government is planning to redraft Petroleum, Chemicals and Petrochemicals Investment Region (PCPIR) policy guidelines, Union Minister of State for New and Renewable Energy and Chemicals and Fertilizers Bhagwanth Khuba said.

“We have requested the industry to share their viewpoints so that the same can be fine-tuned further", he added.

Addressing the industry and other stakeholders in an industry meet which was held in Mumbai today, for the promotion of India Chem 2022, the minister observed that the chemicals and petrochemicals sector is progressing at a steady pace, and that the sector will be a major contributor in realizing the goal of making India a $5 trillion economy.

The minister assured the industry that the department is working tirelessly to address the issues of the industry. “We have started the process of addressing various issues involving other Ministries such as the Ministry of Petroleum and Natural Gas, Ministry of Commerce and Ministry of Environment. The department wants to institutionalize the process to conduct regular meetings by involving all the stakeholders to address the major issues of the industry. Enabling frameworks, providing proper infrastructure and trade related issues are among the major focus points of the Department."

The minister said as India aspires to become a global manufacturing hub for chemicals & petrochemicals, the Department of Chemicals and Petrochemicals intends to bring PLI for the sector.

“India has a huge demand for chemical and petrochemical products. Through Production Linked Incentive schemes with an incentive outlay of 1.97 lakh crore, Government of India has recently given a thrust to promote key end-use sectors such as pharmaceuticals, telecommunication & networking equipment, automobiles, electronics, mobiles, medical devices and textiles. This will further drive the demand for chemicals and petrochemicals in the country.“

“The tremendous growth in demand coupled with rationalization of customs duty will attract large scale investment in the sector. This additional production will support the entire chemical value chain in a big way. Starting from the raw materials to the finished goods, every single component in the value chain will see growth," he added.

The minister pointed out that the shifts of supply chain, rising sense of nationalism, accelerating commoditization, business integration and the rapid changes in the chemical industry are trends that have changed the industry dramatically.

Khuba said that initiatives such as joint ventures and mergers & acquisitions will help us to bring the latest technology and sustainable solutions in the domestic market. “The vision of our Prime Minister for ‘Make in India’, and the steps in this direction will help the Indian economy to grow."

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