Petrochemicals to become a major global force in India

Published: 10 May 2009 20:47:04 PST

India's petrochemical sector has been growing rapidly and is all set to become a major global force, revealed Vikram Mehta, chairman, Shell India to the Indian Plastics Federation recently.

"Domestic demand growth has been strong since the past ten years, driven mainly by the consumption of polymers and synthetic fibres, which has prompted a wave of planned investment in new capacity," he said. However, it will need to overcome short-term economic difficulties and the long-term energy challenge of securing more energy while reducing carbon dioxide emissions to protect the environment.

"A major driver for future growth is India's economic development programme, which includes over $ 500-billion for infrastructure investment. India's consumers have apparently also been buying 2,500 cars, 5,200 washing machines and almost 20 million bottles of water everyday," stated Mehta.