Opportunities for India Petrochemical Industry
The opportunities forIndia petrochemical industry are enormous in the present international scenario andIndia possesses a good potential of becoming a global competitor in this sector.
Rapid globalization, changing technology, and modifications in the way business is conducted today, have brought immense changes and enormous opportunities for companies to extend and flourish globally in all kind of industries. Petrochemical and related sectors are no exception to this. The petrochemical industry is a novel industry inIndia but it had played an important role in the country's change from an agrarian based economy to an industrialized one.
There are promising opportunities forIndia petrochemical Industry, which is expected to grow significantly in the future especially since the per capita consumption of synthetic fiber and plastic inIndia is much lower in comparison to the global average. The petrochemical industry inIndia produces more than 20% of the global petrochemical output. The demand facilitators for the petrochemical industry include rapid urbanization, new products introduction, substitution of products, and dynamics of the domestic market.
In order to increase its presence in the global petrochemical industry,India needs to leverage upon the opportunitiesIndia Petrochemical Industry. For this, theIndian petrochemical industry needs to:
- Enhance competitiveness to stimulate growth
- Unlock its potential
The Petrochemical industry seeks to gear up its constitutional strengths with the support of the accessibility of skilled human resource, strong technology base, and great leaps of theIndian information technology. The focus is though export oriented and tapping the unexploited potentials.
To be successful in the efforts of becoming one of the global players, there is a need of being strong in three dimensions:
- To be a true marketer by setting up a customer service which would provide services and solutions
- To be a leader in cost by setting up international standards manufacturing units and provide economies of scale
- To be a leader in technology with a unique product development capability.
The government ofIndia has provided satisfactory infrastructure to theIndian petrochemical industry. As this industry needs a special kind of infrastructure, it is one of the major areas of development for the government to undertake. With the approval of the policy of Investment Regions for the Petroleum, Chemical, and Petrochemical, this has become easier. The infrastructure would act as a gear to the growth of the industry. It would also add the advantage of grabbing the emerging opportunities in the petrochemical sector.
Last Updated on 13 December 2011
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