The Indian petroleum industry growth and demand
India is emerging steadily as a favorite international destination for the oil refining. The investment opportunities are vast, and the Indian petroleum firms are planning to enhance the distillation capacity from 149 mtpa to 243 mtpa. The sector has led to the growth of automobile sales which can also help foreign investment. The growth is expected to sustain the market and is likely to enhance more by 20 million each year by 2030. This can also help rankings in the world rankings of being the biggest market of the automobile. The potential is good, but it also needs fast development activities in many sectors of the petroleum industry. India exports more than 70% of the oil requirements and the search for more is going on to rise in the international markets. There have been long term energy strategies of India need to emphasize on the right methods of energy effective measures and energy self-sufficiency as well.
The growth and potential
The demand is going to grow by leaps and bounds. The petrochemicals are obtained from various chemical compounds that are the by-products of crude oil refining. Currently, the penetration of the products are based on day to day use, and this is a vast sector that covers most of the domain like apparels, household items, accessories, electronics, furniture, housing, medical appliances, automobiles, horticulture, packaging, agriculture, and construction. These sectors are vast and, therefore, there is a good scope for industries to invest in petrochemicals. The government has set programs that will help the industry to expand and also export in large quantities in the coming years. The industry is also responsible for generating large employment all over the country.
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