New Delhi, Sept. 28: Minister of Fertilizers and Chemicals and Steel Ram Vilas Paswan will release the National Policy on Petrochemicals here today.
The policy is aimed at promoting investment in upstream in downstream industries, increase production and consumption, create infrastructure and promote research and development of plastic and synthetic fibres.
The Government has brought out the National Policy on Petrochemicals in order to take advantage of the global shift in demand and production for petrochemicals, to channelise substantial investments in this sector to support the increase demand and to use the growth in this sector as a “force multiplier" for the overall GDP growth.
The National Policy for Petrochemicals aims to increase investments in the sector, both upstream and downstream by ensuring availability of raw materials at internationally competitive prices, creating quality infrastructure and other facilitation to ensure value addition and increase exports; to increase the domestic demand and per capita consumption of plastics and synthetic fibres; to increase the use of petrochemicals in thrust areas; to increase the competitiveness, polymer absorption capacity and value addition in the domestic downstream plastic processing industry through modernization, research and development measures and freeing it from structural constraints.
It also aims to facilitate investment in the emerging areas of petrochemicals; to achieve environmentally sustainable growth in the petrochemical sector through innovative methods of plastic waste management, recycling and development of bio- photo-degradable polymers and plastics; to promote Research and Development in Petrochemicals and promote Human Resource Development.
Minister of State for Chemicals and Fertilisers B.K. Handique, senior officials from the Government and the States and representatives of petrochemicals and plastic industry will present on the occasion.