India imports various petrochemicals from foreign countries. The data shows the imports of various major petrochemicals, viz., Synthetic Fibres, Fibre Intermediates, Polymers, Synthetic Rubber (Elastomers), Synthetic Detergent Intermediates, Performance Plastics, Olefins, Aromatics and Other Petro-Based Chemicals during the period from 2007-08 to 2013-14.
The imports of major petrochemicals have increased from 3905411 metric tonnes in 2007-08 to 9287993 metric tonnes in 2013-14, showing a growth rate of 137.82% during the said period. The annual growth rate during this period is 22.97%.
In value terms, the imports of major petrochemicals have increased from 2140659 Lakhs in 2007-08 to 7882020 Lakhs in 2013-14, showing a growth rate of 268.21% during the said period at current prices. The annual growth rate in value terms during this period is 44.70% at current prices.
The rate of growth in value terms i.e. 44.70% per annum is much more in comparison to the rate of growth in quantity terms i.e. 22.97% per annum. This is due to inflation in petrochemicals, higher demand for petrochemicals with the proliferation of vehicles and the fact that various petrochemical imports of India have moved up the value chain and import is taking place of more valuable high end products and/or from the foreign markets/countries, where they are available at higher prices.