Question

Describe the growth and development of petrochemical industry in India in last 40 years.

Answer 1

Petrochemical industry in India came to existence during 1970s. In between the years of 1980-1990 there was a rapid growth in this sector because of increase in demand the growth rate 13-14% since late 90s. However, the industry suffered setbacks during 2008 due to surge in the price of crude oil. The present market size of this industry is US$700 million with a growth rate of 15%.