The central government is in the process of reviewing the policy that guides the Indian petrochemical sector poised to grow by 11% pa by 2017. This sector, growing robustly, currently accounts for over 13% of the nation’s exports and 8% of its imports, as per IANS. Expansion is on the cards in various upstream and downstream sectors.
Review of the policy for promotion of Petroleum, Chemicals and Petrochemical Investment Regions (PCPIR) is underway by the Government to bring it in sync with the ground realities.
Rollback of tariff and non-tariff barriers incorporated as a safeguard against the after-effects of the 2008 global meltdown has also started.