PCPIR Rejuvenation Study launched at Summit
on Global Chemicals & Petrochemicals Manufacturing Hubs in India 2019
Co-hosted by FICCI,
the first of its kind two-day summit was inaugurated by Shri D.V. Sadananda
Gowda, Minister of Chemicals & Fertilizers, Government of India
In its endeavor to strive robust advancement in the Indian Chemical &
Petrochemicals industry, Federation of Indian Chambers of Commerce &
Industry (FICCI) jointly with the Ministry of Chemicals and Fertilizers,
Government of India today launched the PCPIR Rejuvenation Studyat the ‘Summit
on Global Chemicals & Petrochemicals Manufacturing Hubs in India 2019’.
The PCPIR Rejuvenation Study,by
FICCI and their knowledge partner Mott MacDonald,highlights the continuous
development of Petroleum, Chemicals and Petrochemicals Investment Regions
(PCPIR), its current scenario and government’s roadmap for policy interventions
to rejuvenate investment in PCPIRs.It has stated that India is the sixth
largest producer of chemicals in the world and contributes 3.4% to the global
chemical industry. The chemicals market in India has grown at 3% over the last
decade. The industry comprises of 13.38% of manufacturing GVA and 2.39% of
National GVA which employs about 2 million people.
The Government of India adopted a
policy in 2007 to set up Petroleum, Chemicals and Petrochemicals Investment
Regions (PCPIR). Currently there are four identified regions - Dahej (Gujarat),
Vishakhapatnam (Andhra Pradesh), Paradip (Odisha) and Cuddalore (Tamil Nadu).
However, due to a wide range of issues (ranging from overall infrastructure
development to project financing), attracting investment to Vizag, Paradip and
Cuddalore has been relatively challenging in comparison to Dahej. Considering
the overall scenario, the government has now planned for policy interventions
to rejuvenate investment in PCPIRs.
Speaking about extraordinary role of Chemicals
and Petrochemicals Industry in shaping the other industries, Mr. D.V.
Sadananda Gowda, Minister of Chemicals & Fertilizers, Government of India
said, “The Indian Chemical & Petrochemical Industry is currently
witnessing a rapid expansion. The untapped potential of this industry needs to
be addressed which holds the power to bring a revolution in the country. The
industry is expected to grow at a CAGR of 9.3% from USD 163 billion to USD 304
billion market by 2025, which not only emphasizesthe important role it can play
in the growth of Indian economy but to become the global leaders in petrochemicals
and emerge itself as world’s next manufacturing hub.We are honouredto partner
with FICCI to host first of its kind Summit on Global Chemicals &
Petrochemicals Manufacturing Hubs in India 2019.”
Commenting on the significance of
the report launch, Mr. Deepak C. Mehta, Chairman – FICCI Chemical Industry
Committee and CMD, Deepak Nitrite Ltd.said, “It is my privilege to be a
part of Summit on Global Chemicals & Petrochemicals Manufacturing Hubs in
India 2019 and meet the entire industry fraternity at this important event. The
Indian Chemical and Petrochemical industry is an integral part of the Indian
economy and possess huge unrealized potential to strengthen the Indian economy.
The PCPIR Rejuvenation Study connotes the chemicals market in India has grown at
3% over the last decade, current development andpolicy interventions to
rejuvenate investment in PCPIRs.”
“The government’s initiative
towards successful implementation of Petroleum, Chemicals and Petrochemicals
Investment Regions (PCPIR),shoring up existing infrastructure to world class
level is truly commendable. We at FICCI are really obligated to Department of
Chemicals & Petrochemicals, Government of India for their valuable support
and guidance in organizing the first ever summit of its kind.”he added.
Across the summit, eminent speakers
from the industry like Mr. Nikhil Meswani, Executive Director, Reliance
Industries Limited, Mr. R Mukundan, Managing Director & CEO, Tata Chemicals
Ltd., Mr. Sanjeev Gandhi, Members of the Board of Executive Directors, BASF SE,
Mr. WalmirSoller, CEO, Braskem Europe, Mr. Prabh Das, Chairman - FICCI
Petrochemical and Plastic Industry Committee, MD & CEO, HPCL Mittal Energy
Limited, amongst others were a part of it.
For further information, please
contact:
FICCI:
Saumak–7042066977 (saumak.mitra@ficci.com)
Saumak–7042066977 (saumak.mitra@ficci.com)
AvianWE:
Shubhi Sharma – 9619772408
(ssharma@we-worldwide.com)
Indraneil Choudhury – 9811773727
(indraneil@avianwe.com)
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