By IANS,
Kolkata : With India’s petrochemical industry poised to grow by 11 percent annually by 2017, the central government was in the process of reviewing the policy that guides the sector, an official said Wednesday.
“The Indian petrochemical industry is projected to grow by 11 percent per annum by 2017. The sector, currently accounting for 13 percent of the national exports and 8 percent of its imports, is currently in an expansion mode,” said Chemicals and Petrochemicals Secretary K. Jose Cyriac.
The government is in the process of reviewing the policy for promotion of Petroleum, Chemicals and Petrochemical Investment Regions (PCPIR) to bring it in sync with the ground realities, Cyriac said.
The rollback of the tariff and non-tariff barriers incorporated as a safeguard against the after-effects of the 2008 global meltdown has also started, said Cyriac speaking at an event organised by the Indian Chamber of Commerce here.
West Bengal Industry Minister Partha Chatterjee said the government was committed to formulating more investor-friendly policies for fostering the growth of the industry in the state.
He also said the sector had huge potential in areas like agricultural facilities, packaging, transportation and storage facilities and asked the industry to ensure a better system for effective collection, segregation and recycling of plastic waste.