Bhubaneswar: Invest Odisha delegation led by Dr. Nitin Jawale, IAS, MD IPICOL participated, as state partner, in Petrochem 2019 an event organized by the Indian Chamber of Commerce at Kolkata on the theme “Growth Drivers in the Petrochemicals Business to Progress the Future for the event.
The event focused on the growth of manufacturing units in the downstream petrochemicals sector and how the sector would provide the real growth to the economy in terms of employment and investment. The event was attended by all major Bengal based plastic and petrochemical players. Major players like Haldia Petrochemicals, GAIL shared their excerpts on the growth of downstream units in the petrochemicals sector.
Dr Nitin Jawale, Special Secretary, Industries Dept., Govt. of Odisha highlighted the steps taken by Govt. of Odisha to create an enabling ecosystem for petrochemicals 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.
With increasing urbanization and growing economy, petrochemical industry is bound to see a significant growth. Eastern India has a potential to grow from the existing 0.5 trillion dollar economy to 2.5 trillion dollar economy by 2031-32. The event highlighted how petrochemicals would play a major role in the growth story of the east, with states like Odisha playing major role in it.
The Odisha delegation also held meetings with corporates including Ceat, Harshpet, Glen Industries etc. to attract investments into the State.