Govt plans to dou­ble per capita plas­tics con­sump­tion by 2022

Resource Digest - - CONTENT -

Govern­ment is en­cour­ag­ing in­vest­ments in petro­chem­i­cal sec­tor and plans to dou­ble per capita con­sump­tion of plas­tics to 20 kg a per­son by 2022, Pe­tro­leum and Nat­u­ral Gas Min­is­ter Dhar­men­dra Prad­han said.

“The govern­ment has am­bi­tious plans of dou­bling the cur­rent per capita con­sump­tion of plas­tics from the present 10 kg per per­son to 20 kg per per­son by 2022,” Prad­han said at the ‘In­dian Oil Petro­chem­i­cal Con­clave 2016’.

This would re­quire set­ting up one naph­tha cracker ev­ery year bring­ing in huge growth op­por­tu­ni­ties in em­ploy­ment gen­er­a­tion and start of new an­cil­lary in­dus­tries, among oth­ers, the Min­is­ter noted.

In or­der to achieve the am­bi­tious tar­get, huge in­vest­ments are re­quired in next 5-6 years in petro­chem­i­cal sec­tor, he said. Prad­han fur­ther said cap­i­tal out­lays worth Rs 2,00,000 crore are ex­pected to be made in di­verse prod­uct lines - in polyester in­ter­me­di­ates, polyester film and yarn, poly­mers and other petro­chem­i­cals.

“In­dian Oil has also planned fu­ture in­vest­ments worth Rs 30,000 crore in var­i­ous petro­chem­i­cal streams. When th­ese new projects take shape, the In­dian ca­pac­ity is ex­pected to grow to around 50 mmtpa gen­er­at­ing em­ploy­ment for 10,000 peo­ple di­rectly and 1 mil­lion peo­ple in­di­rectly.

“Fur­ther, th­ese in­vest­ments would spur the set­ting up of around 800-1000 down­stream con­vert­ing in­dus­tries in MSME sec­tor pro­pel­ling the growth of en­tre­pre­neur­ial land­scape,” he said.

Th­ese mega projects, when fully op­er­a­tional, are ex­pected to also save huge valu­able for­eign ex­change, thus con­tribut­ing to fis­cal con­sol­i­da­tion, he said adding that the pub­lic-sec­tor com­pa­nies have been en­cour­aged to in­vest in start-ups that will also cre­ate jobs.

The Min­is­ter also in­formed that the govern­ment is not go­ing to im­pose any cus­toms duty on crude oil. When asked if the govern­ment will fur­ther re­duce petrol and diesel prices, he said, “The crude oil prices are volatile in na­ture. We have re­duced the fuel prices in the coun­try so many times. How­ever, we are not match­ing the re­duc­tion of prices with the in­ter­na­tional rates as we want to save funds for in­fra­struc­ture and road de­vel­op­ment.”


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