New Delhi, April 12 (IANS) The central government Thursday approved a new National Policy on Petrochemicals aimed at attracting more investment in the sector.

A cabinet meeting chaired by Prime Minister Manmohan Singh approved the document of the policy prepared by the petrochemicals ministry, said Information and Broadcasting minister Priya Ranjan Dasmunsi.

The cabinet also cleared the constitution of the Petrochemical Technology Upgradation Fund (PTUF), setting up of the Plastic Development Council and a Task Force on Petrochemical Feedstock to suggest measures to ensure availability of feedstock at internationally competitive prices and the setting up of future cracker complexes.

An Inter-Ministerial Expert Committee will be set up to recommend use of plastics in the thrust areas as mandatory.