Stating that demonetisation has had no impact on GDP, Prime Minister Narendra Modi citing “testimonials” by Apple chief Tim Cook, Microsoft founder Bill Gates, World Bank chief Kristalina Georgieva, Nobel Laureate for Economics Muhammad Yunus and others, on Tuesday said that the world was looking at the “bold move with a lot of respect”.
Speaking to a gathering of industry at the port town of Dahej, Modi dedicated the Rs 30000 crore ONGC Petro Additions Ltd (OPaL) plant to the nation. This is one of the largest petrochemical plant in the country.
The OPaL is a joint venture company promoted by ONGC, GAIL and GSPC. OPaL projects it’s market share in the polymer sector at 13 per cent by 2018. “Currently the average per capita consumption of polymers in India is 10 kilogram, compared to the world average of 32 kilogram”, Modi said.
At full capacity, this OPaL plant will annually produce 14 lakh metric tonne of polymers like Linear Low and High Density Polyethylene, polypropylene and five lakh metric tonne of chemicals like Benzene, Butadiene, Pyrolysis Gasoline, etc.