Indian government ready to provide Rs. 60,000 crore for petrochemical sector

13-Feb-15

The petrochemical sector needs an investment of over Rs. 60,000 crore in the near future, as per Union Chemical and Fertilizers Minister Ananth Kumar, who assured that the government is ready to provide the investment. He added that the government will act as a facilitator and not as a regulator for the petrochemicals sector, ass per ANI news. Reiterating Prime Minister Narendra Modi's clarion Make in India call, Kumar said the government is ready to address basic issues concerning the sector and downstream industries like environment, infrastructure and incentives. Kumar stressed on the need for capacity building in the petrochemical sector. He suggested that there could be another vertical in several institutes for training the personnel in the petrochemicals which will provide formal and structural skill development. He also called upon the refining companies to be anchor units and take part in the development of downstream industries and infrastructure. He said that this would help in better coordination and cooperation and the Government would be more than happy to act as a catalyst.