Prime minister Narendra Modi on Thursday laid foundation stone of petrochemical complex and refinery expansion project at Bharat Petroleum Corp Ltd’s (BPCL) Bina refinery in Madhya Pradesh.
The refinery will be developed at a cost of about Rs 49,000 crore, and will produce about 1,200 kilo tonne per annum (KTPA) of ethylene and propylene, which are component for various sectors like textiles, packaging and pharma.
This will reduce the country’s import dependence and will be a step towards fulfilling the Prime Minister’s vision of ‘Aatmanirbhar Bharat‘, the ministry of petroleum and natural gas said in a statement.
“It is our continuous effort that Madhya Pradesh reaches new heights of development, the life of every family in Madhya Pradesh becomes easy and every home brings prosperity,” Modi said as per the statement.
The mega project will also create employment opportunities and spur the development of downstream industries in the petroleum sector in the state, which is heading for assembly elections late this year.
Modi said that the petrochemical complex is aimed at Atmanirbharta in the petrochemical industry. He gave examples of plastic products like pipes, taps, furniture, paint, car parts, medical equipment, packaging material and agricultural equipment among others and said that petrochemicals have a crucial role to play in its production.
Petroleum and natural gas minister Hardeep Singh Puri said that the petrochemical complex will promote several downstream units in plastic and packaging material and other items of domestic and industrial use.
Globally, India ranks sixth in the field of petrochemical having market potential of about Rs 15.58 trillion which is likely to reach Rs 82 trillion by 2040, the ministry said.
Modi also laid foundation stones for 10 projects including ‘Power and Renewable Energy Manufacturing Zone’ in Narmadapuram, Mega Industrial Park in Ratlam, two IT parks in Indore, and six new industrial areas across the state.
Altogether, the prime minister launched projects worth more than Rs 50,700 crore in the state. He said that today’s projects will give new energy to the development of the region.
Modi informed that the central government is spending Rs 50,000 crore on these projects, which is more than the budget of many states of the country. “This indicates the enormity of our resolutions for Madhya Pradesh,” he added.
The Power and Renewable Energy Manufacturing Zone in Narmadapuram will be developed at more than Rs 460 crore. The ‘IT Park 3 and 4’ in Indore will be built at a cost of about 550 crore, the prime minister’s office said in a note.
Mega Industrial Park in Ratlam will be built at a cost of more than Rs 460 crore. Connected to the Delhi Mumbai Expressway, it is envisaged to become a major hub for sectors like textiles, automobiles and pharmaceuticals.
With the aim of promoting balanced regional development six new industrial areas will also be developed at Shajapur, Guna, Mauganj, Agar Malwa, Narmadapuram and Maksi at a cumulative cost of about Rs 310 crore.