India's $37B petrochemical push could add new global capacity
India is gearing up to spend $37 billion to boost its petrochemical industry, aiming to make more products at home and rely less on imports.
S&P Global Ratings says this move could help India, already the world's third-biggest petrochemical consumer, add about a third of all new global capacity by 2030—taking a page from China's playbook on self-sufficiency.
Focus on reducing imports of essentials
The focus is on cutting down imports of essentials like plastics and auto parts.
Most of the funding—$25 billion—is coming from public sector companies expanding refineries, with another $12 billion from private players.
S&P notes this could shake up Asia's market by increasing competition; but with strong demand in India, local producers are likely to benefit even if regional exporters feel the pressure.