Financial Daily from THE HINDU group of publications
Wednesday, Oct 13, 2004
Industry & Economy
Consultant to draw roadmap for setting up chemical parks
New Delhi , Oct. 12
WITH a target of attracting approximately $8 billion investments in the chemicals sector, the Union Government has appointed the consultancy firm Dalal Mott Mcdonalds, for preparing the roadmap for setting up chemicals parks across the country.
The Department of Chemicals and Petrochemicals has appointed the firm around the end of last month, which will present a preliminary blueprint by the end of the current month, officials said.
The Minister for Chemicals, Fertilisers and Steel, Mr Ram Vilas Paswan, is expected to chair a joint meeting of the officials from his Ministry and representatives of the consultancy firm sometime in November after perusing the blueprint.
As of now, the Indian chemicals industry is estimated to be around $30 billion and according to the department's estimate, has a potential of attracting another $8 billion capital investments, which include both domestic as well as foreign investments over the next five years.
Currently, the sector accounts for 12.5 per cent of the country's industrial production, 15 per cent of total manufacturing capacity and accounts for roughly 6.7 per cent of the country's gross domestic product.
For achieving this ambitious target, the consultancy firm has been given the mandate for preparing a detailed roadmap so that the domestic industry could become internationally competitive by setting up highly efficient chemical complexes across the country.
The consultants have been asked to figure out what should be the appropriate product mix and identify ideal locations all over the country.
The terms of reference also include identifying the physical infrastructure requirements including power, electricity, logistics and raw materials as well as financial requirements.
They have also been asked to identify prospective investors, both domestic and global, who would be interested in setting up shop in the proposed chemicals parks.
After the Ministry approves the preliminary blueprint, it may take another year to prepare the final report based on which further steps would be initiated, officials said.
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