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Indian petrochemical industry – The growth continues

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Indian petrochemical industry – The growth continues

Post  bejoy on Mon Jul 17, 2017 5:31 am

The growth story of the Indian economy is incomplete without mentioning the role that petrochemical industry plays in this journey. With new joint ventures and expansions in place, this rapidly growing industry is all set to take the burgeoning global demand in its stride.

By Debarati Das

Petrochemicals play a vital role in shouldering the growth of any economy by being the backbone to some of the crucial industries including agriculture, infrastructure, healthcare, textiles and consumer durables. The exuberant growth of the Indian economy cannot be spoken without mentioning the role that petrochemical industry has and is expected to play in this journey.

India is the sixth largest manufacturing country in the world exemplifying its spot in the global economic landscape. India’s economy grew faster in 2015-16 than earlier estimated and with that the IMF expects the Indian economy to grow at 7.2 percent in 2017–18 while the World Bank has projected a GDP growth of 7.6 percent in 2017–18 and 7.8 percent in 2018–19. To top it all, there is an aura of enthusiasm in the market due to the various reforms that the country is undergoing currently which further indicates an epoch of high growth in the near future.

Petrochemical industry has its own growth story to tell. This industry contributes about 30 percent to India's chemical industry which is likely to become $250 billion by 2020. In this journey, the petrochemicals industry itself is expected to reach $100 billion by 2020 growing at a compounded annual growth rate (CAGR) of about 14 percent, according to a study by the Associated Chambers of Commerce and Industry of India (ASSOCHAM).

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