A Group of Ministers is likely to approve the national petrochemicals policy before May-end. The last meeting of Group of Ministers is expected to be held within three months, wherein a final decision will be taken on the policy. The policy is expected to bring in investment of over Rs 70,000 crore in the next 10 years and will also include setting up of Petroleum, Chemicals and Petrochemicals Investment Region (PCPIR), which will be spread ovr 25,000 hectares. The PCPIR will accrue an investment of up to Rs 14,000 crore for which a separate policy has been framed. The policy aims at making India a global player in the petrochemical segment by providing tax incentives to the industry. It proposes permitting medium and large industries to manufacture certain plastic items, which are currently reserved for small-scale industries.It has also proposed to set up a Petrochemical Technology Upgradation Fund (PTUF) to promote the use of certain special variants of plastics. It also intends to set up a Plastic Development Council and a taskforce on petrochemical feedstock.