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Focus on infra spending in Budget to boost petrochemicals demand: Govt – Financial News Live

Focus on infra spending in Budget to boost petrochemicals demand: Govt

Focus on infra spending in Budget to boost petrochemicals demand: Govt

The government on Tuesday said it expects more demand for petrochemicals like

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The government on Tuesday said it expects more demand for petrochemicals like polymers and speciality chemicals in the country due to increased emphasis on infrastructure spending in the Budget 2021-22.


Increased spending on infrastructure development in sectors like agriculture, healthcare and automobiles will result in increased demand for petrochemicals, according to an official statement.



That apart, import duty cut on feedstocks such as naphtha for production of chemicals and petrochemicals will make the domestic products globally cost-competitive, it added.


“The massive emphasis on infrastructure spending is expected to result in an additional consumption of petrochemicals like polymers and specialty chemicals,” the statement said.


The agriculture-focused measures like doubling of outlay for micro-irrigation to Rs 10,000 crores will further fuel demand for polymer-based irrigation products and services, it said.


The new vehicle scrapping policy will boost the polymer and elastomer…



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