SME Times News Bureau | 08 Jul, 2015
Owing to its
inability to produce finished products, India has emerged as one of the biggest
importers of petrochemicals, resulting in sizeable capital outflow, a senior
official said on Tuesday.
Addressing a symposium on coal gasification in India' organized by industry
chamber FICCI jointly with the department of chemicals and petrochemicals,
Chemicals and Petrochemicals Secretary Surjit K.Chaudhary said though India
lacks reserves of petroleum and gas, it has rich reserves of coal.
"Still, the country has not been able to provide adequate coal feedstock
to its plants," he said.
"Though it is one of the sectors which was delicensed and allowed 100
percent FDI early on, the sector never realized its true potential," he
added.
Pointing out that India was importing chemicals and petrochemicals and was
selling it to other countries that were then exporting the finished products to
India, Chaudhary said this process was damaging India's economy and also
destroying local community crafts.