Govt launches PCPIR policy, hopes to attract $20 billion

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New Delhi, May 8: The government on Tuesday launched the Integrated Petroleum, Chemicals and Petrochemical Investment Regions (PCPIR) policy aimed at developing India as a hub for these sectors.

“The policy framework has been designed in a manner to promote investment in this sector and make the country an important hub for both domestic as well as international markets” said Ram Vilas Paswan, minister for Chemical, fertilizer and steel.

A group of ministers had in January approved the chemicals and fertilisers ministry’s proposal to build PCPIRs. The PCPIR policy is a major initiative of the Prime Minister, who had constituted a task force to expedite the process of setting up such regions. The government is anticipating an overall investment of $ 20 billion and the first PCPIR is likely to come up by the end of this year.

The PCPIRs would specifically delineated investment regions with an area of around 250 square kilometers for manufacturing facilities for domestic and export led production in petroleum, chemicals and petrochemicals along with associated services and infrastructure.

The minimum processing area for the PCPIR will be 40% of the total notified area. The processing area may or may not be contiguous.