Govt eyes investments of $20 billion by 2015, and doubling it in another five years. Centre had planned the same target to be achieved by 2020.
The Gujarat government has decided to put the Petroleum, Chemical and Petrochemical Investment Region (PCPIR) at Dahej on the fast track.
As against the union government's target to achieve US $20 billion in investments in the PCPIR by 2020, the state government aspires to achieve this figure by 2015, and double it in another five years.
Stating this at an Assocham conference on 'Gujarat: The petrochemical hub' on Saturday, Maheshwar Sahu, principal secretary of the industries department, said that all preliminary work has been completed in Dahej.
"Preliminary work has been completed over a 453 sq km area in the region. Rs3,200 crore will be spent on infrastructure development, while another Rs70,000 crore will be invested in other establishments," Sahu said.
Sahu, assuring full government support, said that the last few years have seen the state transform completely and compete with developed nations.
The Assocham suggested that two major elements for the success of PCPIR are the decision to allow 100% FDI, and establishment of a series of Special Economic Zones (SEZs).
The Chamber's secretary general, DS Rawat, said that the additional availability of naphtha, on account of increased refining capacity, has prompted petrochemical majors to announce major downstream expansion in naphtha crackers.
The petrochemical capacity growth rate, which has been 3% to 4% per annum over the last five years, is expected to increase 4 times to 12%-15% p.a. over the next 5 to 7 years.
Sunil Kakkad and Bhagyesh Soneji, chairman and co-chairperson respectively of Assocham, announced that the chamber shall organise a Green Revolution - II and food processing training programmes for farmers in the state.
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