By Our Correspondent
MUMBAI/BHUBANESWAR: While addressing a ‘Roundtable on Petrochemical’ during India Chem 2024 in Mumbai organised by the Ministry of Chemicals and Fertilizers in Mumbai, Odisha Chief Minister Mohan Charan Majhi , said “Odisha is poised to be at the forefront of this new journey towards a Viksit Bharat. Our state is ready to play a key role in driving India’s industrial growth,” he said.
Chemicals and petrochemical ecosystems have been built on a solid foundation with the presence of companies like IOCL, Paradeep Phosphates, and IFFCO in the state, he pointed out.
The Chief Minister said that his state has developed world-class infrastructure that caters to the needs of industries looking to invest and grow. PCPIR Paradeep is driving Odisha’s ambitions in this sector. Strategically located near Paradeep Port, this industrial hub integrates a robust supply chain, connecting industries to global markets.
Besides, Odisha is actively promoting investments in technical textiles and recycling of by-products, which offer promising growth. Plastics and packaging, with specialty chemicals, which are seeing increased demand from domestic and international markets, CM said .
He also informed the gathering of business leaders that the State Government is organizing the “Utkarsh Odisha: Make in Odisha Conclave 2025”, the state’s flagship Global Investors Summit in Bhubaneswar, Odisha on January 28 and 29.
The market size of the Indian Chemicals and Petrochemicals sector is expected to grow to approximately USD 300 billion by 2025, up from its current market size of USD 220 billion, said Shri Hardeep Singh Puri while addressing the ‘Roundtable on Petrochemical’ during India Chem 2024 today. He said that the demand for chemicals is predicted to nearly triple and the petrochemicals industry in India may reach US$1 trillion by 2040.
Addressing industry leaders, Shri Hardeep Singh Puri highlighted the vast potential of India’s petrochemical sector. With annual consumption between 25 to 30 million tonnes, India stands as Asia’s third-largest economy, exhibiting a per capita consumption significantly lower than developed nations. This gap presents ample opportunities for demand growth and investment.
As the sixth-largest chemicals producer globally and third in Asia, India exports chemicals to over 175 countries, accounting for 15% of its total exports. Shri Puri emphasized that chemicals and petrochemicals will drive global oil demand growth, with India’s integrated petrochemical capacity linked closely to its expanding refining capabilities. Projections indicate an increase from 257 MMTPA to 310 MMTPA by 2028, enhancing cost competitiveness.
The government, alongside PSUs like ONGC and BPCL and private players like Haldia Petrochemicals, is committed to significant investments, with nearly USD 45 billion in petrochemical projects underway. An additional USD 100 billion is projected to meet rising demand, aligning with India’s transition to a lower-carbon future.
In the address, the Minister, spoke about a substantial rise in India’s petrochemical capacity, projected to increase from approximately 29.62 million tonnes to 46 million tonnes by 2030.
