German China India

India: Economic Outlook

India Rides on a Growth Curve

| Author / Editor: Swati Deshpande / Dominik Stephan

Chemicals & Fertilizers: Target Self–Sufficiency

Like oil & gas, the chemical industry is critical for the economic development of any country. Hence, the Planning Commission of India expects the growth of 12 per cent in the Indian chemical industry by 2017. In order to boost the chemical and fertilizers sector, Government of India has planned to revive the urea plants that have been closed for a while. Board for Industrial & Financial Reconstruction (BIFR) has already given a go ahead for revival of closed urea units of Fertilizer Corporation of India (FCIL) through joint venture or special purpose vehicle (SPV) by the nominated PSUs.

Apart from that, recently, the Department of Fertilizers has notified the ‘New Investment Policy’ to facilitate fresh investments in the urea sector. It is expected that the demand of urea in the country will be around 360 lakh MT by end of the 12th Five Year Plan. With the approval of this policy, it is expected that nearly 100 lakh MT of additional urea capacity will be added in the country with an investment of nearly `35,000 crores. This will help India being self-reliant in urea.

Food & Beverages – Out of the Dark, Into the Light

Oil & gas and chemical sectors drive the economic growth and hence these industries have been in limelight since the past few years. However, that’s not the case with food & beverages sector. The food processing sector was not given due importance up till now in the country.

Nevertheless, this scenario seems to be changing now. Government of India has approved a new centrally sponsored scheme titled ‘National Mission on Food Processing (NMFP)’ to promote this industry. This

scheme has started in cooperation with the state governments in 2012-13. The NMFP scheme would help the states and union territories (UTs) in maintaining requisite synergy between agriculture plans of states and development of food processing sector.

We can already see the result of the government’s efforts on this sector in form of Srini Mega Food Park at Chittoor in Andhra Pradesh. Sharad Pawar, Agriculture and Food Processing Industries Minister recently inaugurated this new facility, which is spread over 147-acre and is well equipped with state-of-the-art equipment for pulping, IQF, bottling, tetra packing, modular cold storage, warehousing and advanced testing lab.

Content of the Article:

Comments are being loaded ....

Leave a comment

The comment is checked by an editor and will be released soon.

  1. Avatar
    Avatar
    Edited by at
    Edited by at
    1. Avatar
      Avatar
      Edited by at
      Edited by at

Comments are being loaded ....

Report comment

Kommentar Freigeben

Der untenstehende Text wird an den Kommentator gesendet, falls dieser eine Email-hinterlegt hat.

Freigabe entfernen

Der untenstehende Text wird an den Kommentator gesendet, falls dieser eine Email-hinterlegt hat.

copyright

This article is protected by copyright. You want to use it for your own purpose? Contact us via: support.vogel.de/ (ID: 39573970 / India)