India's $1 Trillion Petrochem Vision: Puri Sets 2040 Target

Union Minister of Petroleum and Chemicals, Hardeep Singh Puri, has announced the government’s goal of expanding India’s petrochemical industry to USD 1 trillion by 2040.

The sector, currently valued at USD 300 billion in 2025 and projected to reach USD 390 billion by 2030, will require a strong CAGR of 10.8 percent to meet this ambitious target—nearly double the present growth rate of 5.4 percent. Such expansion is crucial for driving major investments and innovation, particularly in the specialty chemicals segment, which commands premium pricing due to its high value and specialised industrial applications.

To accelerate this growth, the government is promoting greenfield projects across key states such as Rajasthan, Tamil Nadu, and West Bengal, supported by policy reforms aimed at attracting additional investment. India’s broader energy transition, coupled with platforms like the upcoming Oil & Gas Annual Conference & Expo 2025, will further enable collaboration among policymakers and industry leaders as they shape the future of the country’s petrochemical and energy landscape.

News by Rahul Yelligetti.