India innovates to overcome feedstock disadvantage to drive economy

02 February 2012 09:03  [Source: ICIS news]

NEW DELHI--India takes innovative measures to overcome its feedstock disadvantage by leveraging on the country’s chemical and petrochemical industries to drive its economy, said an official from the Ministry of Fertilizers and Chemicals on Thursday.

In the absence of cheap natural gas, India, which has the world’s fourth largest coal reserves, sources feedstock via coal-based methane gas to take advantage of its large coal reserves, said K Jose Cryiac, secretary of the ministry’s Department of Chemicals and Petrochemicals at an international conference during PlastIndia.

With a cheaper feedstock alternative and strong existing domestic demand, the chemical and petrochemical industry has huge potential to grow, Cryiac said.

The sector accounts for 14% of India’s general industrial index and 17% of the country’s manufacturing index, Cryriac added.

Cryiac added that the manufacturing sector will contribute 25% of the country GDP in the next few years.

“The manufacturing sector is the main driver of the [Indian] economy,” Cryiac said.

The 8th PlastIndia is held in New Delhi on 1-6 February.

By: Ong Sheau Ling
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