Union minister Nitin Gadkari Thursday said the country is facing lot of "economic crisis" due to crude oil imports and need to reduce imports and increase exports.
India is the third largest importer of crude oil and rising international oil prices are inflating domestic transport fuel costs in a strong demand environment. Brent, the benchmark for more than half the world's oil, is trading at a four-year high of over USD 84 per barrel.
"It is time for the country to find out import substitute products and we have great potential for the use of ethanol, methanol, CNG and electric transportation system as solutions, Gadkari said after inaugurating the 'IndiaChem - 2018' conference organised by Ficci.
"India is presently ahead in innovation, entrepreneurship, technology, research and development. There is a huge potential in Indian petrochemical sector, but we need import substitutes, pollution-free, cost-effective and indigenous ways to go ahead," he added.
While blaming OPEC countries for the current increase in oil prices, he said, "One day they will find there is no market for crude oil."
Commenting on the opportunities in the sector, P Raghavendra Rao, secretary, department of chemicals and petrochemicals, said, "It is the right time to invest in Indian chemical and petrochemical industry due to vast opportunities that the sector offer."