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Huge potential in Indian Petrochemical Sector
06
Mar '08
"India needs to utilize the potential and increase investments for sustained development.

India's potential lies in the huge market, low per capita consumption, qualified and technically trained manpower, transparent industrial policy, legal framework and competitively placed labour force", said Mr V S Sampath, Secretary, Department of Chemical & Petrochemicals, Ministry of Chemicals & Fertilizers, Government of India while delivering his address on the second day of the International Petrochem Conference 2008 with the theme "Opportunities in Indian Petrochemical Industry" organized by Confederation of Indian Industry (CII) in Mumbai.

Mr Sampath stressed on the important role played by the petrochemical industry in the economic development of the country. He said that petrochemicals have not only supplemented but have substituted conventional materials.

"Policy for Promotion of investment as Petroleum Chemicals and Petrochemical Investment Region (PCPIR) and National Policy on Petrochemicals are the two major initiatives taken by the Department of Chemicals & Petrochemicals", informed Mr Sampath.

After the dynamic discussions on the first day, the second day saw eminent speakers from the plastic industry discussing broadly on the domestic petrochemical scenario of feedstock and services, status of the plastic processing industry and the development of mega complexes and infrastructure.

Mr Subir Raha, Chairman, PCPIR, Committee GoWB & Executive Vice Chairman, Hinduja Group, while discussing on "PCPIR: Growth Engine for Indian Petrochemcial Industry" pointed out the key issues faced by PCPIR as the need for a definitive statement from the Government of India that there are facilities available which would encourage investors; to provide adequate infrastructure facilities; need to create deep water port facilities; inland logistics and a need to modify customs and excise regulation.

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