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India to develop petroleum investment regions
Thursday, 08 March 2007, 18:30 IST
New Delhi: India will soon set up five Petroleum, Chemicals and Petrochemicals Investment Regions (PCPIR) with common infrastructure to attract domestic and foreign investors to this sector.
The Cabinet Committee on Economic Affairs (CCEA) approved the long awaited policy resolution for setting up the PCPI
The policy resolution covers the approach and objectives, concept of PCPIRs, role of the central and state governments, institutional framework, procedures, role of developers and co-developers, units in PCPIRs dispute resolutions, Finance Minister P. Chidambaram told reporters after the CCEA meeting.
The policy resolution aims at promoting investment in this sector and make the country an important hub for both domestic and international markets.
Through this approach the government hopes to attract major investments both domestic and foreign capital by creating infrastructure that would provide conducive and competitive environment for setting up business such as integrated petroleum, chemical and petrochemical complex, the finance minister said.
These industries would reap the benefit of networking and greater efficiency through use of common infrastructure and support services. Such a complex would boost manufacturing, augment exports and generate employment.
"Such integrated chemical regions are propelling the growth of this segment of industry in different parts of the world," said Chidambaram.
Official sources say the PCPIRs would be on the lines of the Special Economic Zones (SEZs).
Source: IANS
The policy resolution covers the approach and objectives, concept of PCPIRs, role of the central and state governments, institutional framework, procedures, role of developers and co-developers, units in PCPIRs dispute resolutions, Finance Minister P. Chidambaram told reporters after the CCEA meeting.
The policy resolution aims at promoting investment in this sector and make the country an important hub for both domestic and international markets.
Through this approach the government hopes to attract major investments both domestic and foreign capital by creating infrastructure that would provide conducive and competitive environment for setting up business such as integrated petroleum, chemical and petrochemical complex, the finance minister said.
These industries would reap the benefit of networking and greater efficiency through use of common infrastructure and support services. Such a complex would boost manufacturing, augment exports and generate employment.
"Such integrated chemical regions are propelling the growth of this segment of industry in different parts of the world," said Chidambaram.
Official sources say the PCPIRs would be on the lines of the Special Economic Zones (SEZs).
Source: IANS