The government is seeking comments from stakeholders on a proposal to revise the Petroleum, Chemicals and Petrochemicals Investment Regions (PCPIR) policy of 2007, Parliament was informed on Friday.
In his written reply to the Lok Sabha, Minister of State for Chemicals and Fertilisers Bhagwanth Khuba said: ”Till the policy is revised and notified, the existing provisions will prevail”. The minister also said that the assistance/funding under the PCPIR policy cannot be in the form of a grant as there is no provision for grants in the existing policy. The government is keen to overhaul the failed PCPIR policy 2007 in order to develop India as a global hub for petroleum, chemicals and petrochemicals processing and manufacturing by attracting an investment of Rs 20 lakh crore by 2035.
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