India's Petrochemical Demand and Oil Imports

India's need for petrochemicals is expected to grow strongly at 6-7% each year in the coming years.

This growth is due to the country's expanding economy and increasing demand for products made from petrochemicals.

To reduce reliance on imported petrochemicals, both government and private companies are planning to increase their production capacity.

For example, the production of a type of plastic called polypropylene is expected to grow significantly by 2030, which could make India self-sufficient in this area.

However, the report notes that the prices and profits for these companies might remain low in the short term because of too much supply globally.

Additionally, India's oil import bill has decreased by 12% year-on-year in April-November despite a 2.4% increase in import volumes.

This is due to lower international crude oil prices, which have averaged $67.6 per barrel during this period.

The country's dependency on imported crude oil has increased to 88.6%, highlighting the challenges in reducing reliance on imports.