India will contribute 10 % to incremental growth of global petrochemical demand: Union Minister Hardeep Singh Puri

Union petroleum minister Hardeep Singh Puri said India would contribute 10 percent to the incremental growth of global petrochemical demand.

New Delhi: Union petroleum minister Hardeep Singh Puri today addressed the Plenary Session at the 7th Petrochemical Conclave.Speaking at the Plenary session, Union minister Hardeep Singh Puri said the petrochemical market size is currently in India at about USD 190 billion, whereas the per capita consumption of petrochemical segments is significantly lower, compared to that in developed economies.

Puri said India would contribute 10 percent to the incremental growth of global petrochemical demand."And this gap offers substantial space for demand growth and investment opportunities," Puri was quoted as saying in a statement.

"One of the most important factors driving the growth of the petrochemical industry is the increasing demand for petrochemical products from a growing population and a rapidly expanding economy," Puri added, in the statement.Union Minister of State for petroleum Rameswar Teli, at the event, said sectors like petrochemicals have contributed a lot to the GDP success story and shall continue to add in the future.

"The exuberant growth of the Indian economy cannot be spoken of without mentioning the role that the petrochemical industry has and is expected to play in this journey," Teli added.During the conclave, a White paper on "India`s Petrochemical Future - Sustainable and Aatmanirbhar was also released by.