Union Minister of Petroleum and Chemicals, Hardeep Singh Puri has announced the government's target to grow the petrochemical industry to USD one trillion by 2040.

With the petrochemical sector currently valued at USD 300 billion in 2025 and projected to rise to USD 390 billion by 2030, achieving this target demands a robust CAGR of 10.8 percent—a significant leap from the current 5.4 percent. This growth is essential to drive substantial investment and innovation in the sector, particularly in specialty chemicals, which command higher prices due to their value and application in specialised industries.

The government is fostering this growth through greenfield expansions in key states, including Rajasthan, Tamil Nadu, and West Bengal, alongside policy reforms to attract further investment. Additionally, India’s energy transition, supported by upcoming events like the Oil & Gas Annual Conference & Expo 2025, will provide platforms for policymakers and industry leaders to align on the country's petrochemical and energy future.