
Summary:
The petrochemical industry is critical to India's economic development, supporting sectors such as plastics, textiles, and vehicles. Despite a market size of Rs. 19,04,760 crore (US$ 220 billion) and contributing 6% to GDP, India imports 45% of its petrochemical intermediates. With approximately Rs. 10,73,592 crore (US$ 124 billion) in planned investments, initiatives such as tariff rationalization, infrastructure development, and production-linked incentives (PLI) are essential to reducing imports and enhancing domestic competitiveness.
To achieve self-sufficiency in the petrochemical industry, India must prioritize innovation through R&D, utilizing technologies like AI and high-performance computing for sustainable manufacturing. Strengthening manufacturing infrastructure, establishing petrochemical clusters, and revisiting tariff structures are also critical to boosting domestic capacity. By addressing these challenges, the sector can drive India’s Atmanirbhar Bharat journey, emerging as a global manufacturing powerhouse.
Source: IBEF
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