New PCPIR policy moots central funding for infrastructure

AMARAVATI: The failed PCPIR policy 2007, is being completely overhauled, now making the Centre the main driver 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.

The very concept of Petroleum, Chemicals and Petrochemicals Investment Region (PCPIR) is being redrawn in the proposed new policy 2020-35 wherein the size of each investment region will be drastically cut down from 250 sq km to 50 sq km, with a specific cluster integration strategy.

Dovetailing the PCPIRs with the National Infrastructure Pipeline could give a major push as otherwise the huge upfront capital costs did not let the proposed projects take off under the policy framed in 2007.