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Home / Knowledge / News / Textiles / East India can draw Rs 30,000 cr in petrochem by 2030
East India can draw Rs 30,000 cr in petrochem by 2030
21
Nov '17
East India has the potential to attract Rs 30,000 crore investments in the petrochemicals sector by 2030 generating nearly 2.2 million jobs, according to a white paper titled 'Petrochemical: The Sunrise Industry of the East' prepared by consulting firm Deloitte. The paper was released in Bhubaneswar recently at the 'Petrochemicals Investors Conclave: 2017'.

The plastic cluster offers an investment opportunity of Rs 14,000-16,000 crore while textile cluster may draw investments worth Rs 12,000-15,000 crore. Entrepreneurs may exploit opportunities in the value chain like masterbatches, films, auto components, looms, packaging, injection moulding and spinning and weaving, a top business daily reported quoting the paper.

The country’s petrochemicals market is estimated at $50 billion and is growing 11 per cent year-on-year, said Indian Oil Corporation Ltd (IOCL) chairman Sanjiv Singh.

As per capita polymer consumption in east India is less than 5 kg compared to the pan India average of 10 kg, the region offers ample opportunities for investment, Debasish Mishra, partner, Deloitte, said. The global average for polymer consumption is 32 kg.

Mishra urged the eastern states to develop innovative industrial parks with viable business models and customised incentive packages and create an incubation centre for entrepreneurs. (DS)

Fibre2Fashion News Desk – India


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