Business News | India to contribute 10% to incremental growth in global petrochemical demand: Hardeep Singh Puri

Dec 17,2022

Union Petroleum Minister Hardeep Singh Puri today addressed the Plenary Session of the 7th Petrochemical Caucus.

Speaking at the plenary session, Union Minister Hardeep Singh Puri said that the size of the petrochemical market currently in India is approximately USD 190 billion, while the per capita consumption of petrochemical segments is significantly less, compared to that of developed economies.

Puri said India would contribute 10 percent to the incremental growth in global petrochemical demand.

“And this gap offers substantial room for demand growth and investment opportunities,” Puri said in a statement.

“One of the most important factors driving the growth of the petrochemical industry is the increasing demand for petrochemical products from a growing population and a rapidly expanding economy,” Puri added in the statement.

Union Minister of State for Petroleum Rameswar Teli told the event that sectors like petrochemicals have contributed a lot to the GDP success story and will continue to add in the future.

“You cannot talk about the exuberant growth of the Indian economy without mentioning the role the petrochemical industry has and is expected to play in this journey,” Teli added.

A white paper on “India’s Petrochemical Future: Sustainable and Aatmanirbhar” was also released during the conclave.