India’s petrochemicals market is estimated at $50 billion and is growing 11 percent year-on-year, said Indian Oil Corporation Ltd (IOCL) chairman Sanjiv Singh. The textile cluster may draw investments worth Rs 12,000-15,000 crore while the plastic cluster offers an investment opportunity of Rs 14,000-16,000 crore.

However, according to a white paper titled 'Petrochemical: The Sunrise Industry of the East' prepared by consulting firm Deloitte. The paper was released in Bhubaneswar recently at the 'Petrochemicals Investors Conclave: 2017” stated that East India has the potential to attract Rs 30,000 crore investments in the petrochemicals sector by 2030 generating nearly 2.2 million jobs.

As per capita polymer consumption in east India is less than 5 kg compared to the pan India average of 10 kg, the region offers ample opportunities for investment, Debasish Mishra, partner, Deloitte, said. The global average for polymer consumption is 32 kg.

Mishra urged the eastern states to develop innovative industrial parks with viable business models and customised incentive packages and create an incubation centre for entrepreneurs.

It is likely that entrepreneurs may exploit opportunities in the value chain like looms, spinning and weaving, master batches, films, auto components, packaging, moulding and injection.