Bhubaneswar, September 14(LocalWire): The Government of Odisha has taken major initiatives to create an enabling ecosystem for establishing petrochemical downstream units in the state.
“The proposed investment by Haldia Petrochemicals and expansion plans of Indian Oil Corporation in the state and the assurance of feedstock by these anchor players presents a perfect ecosystem for the growth of downstream industries in the sector,” Industrial Promotion & Investment Corporation of Odisha (IPICOL) managing director Nitin Jawale said.
Speaking at the Petrochemical Business Conclave organised by Indian Chamber of Commerce in Kolkata, he further stated that with increasing urbanisation and growing economy, the petrochemical industry is bound to grow significantly.
“Eastern India has a potential to grow from the existing 0.5 trillion dollar economy to 2.5 trillion dollar economy by 2031-32 and the petrochemicals would play a major role in the growth story of the east, with states like Odisha playing a major role in it,” he said.
The growth of manufacturing units in the downstream petrochemical sector would provide impetus to the economy in terms of employment and investment.
The event was attended by major Bengal-based plastic and petrochemical players.
Major players like Haldia Petrochemicals and GAIL shared their experience of downstream units in the petrochemicals sector.
The delegation from Odisha also held meetings with major corporate players including Ceat, Harshpet, Glen Industries to attract investments into the state.