Cabinet Approves Rs 3,030 Crore BHAVYA Rasayan Scheme for Three Chemical Parks
UPSC / SSC current affairs note · Economy
Why in news
The Union Cabinet approved the BHAVYA Rasayan scheme with a Rs 3,030 crore outlay to establish three dedicated chemical parks. This initiative aims to strengthen India's chemicals sector, attract investments, and boost domestic manufacturing.
Background
The chemicals sector is a foundational industry for the economy, similar to semiconductors. The scheme was announced in the Union Budget for 2026-27 and cleared by the Cabinet chaired by PM Modi.
Key facts
The scheme is named Bharat Audyogik Vikas Yojana Rasayan (BHAVYA Rasayan).
Total financial outlay: Rs 3,030 crore.
Rs 3,000 crore for common infrastructure and utilities; Rs 30 crore for administrative expenses.
Implementation period: FY 2026-27 to FY 2030-31 (five years).
Centre will provide up to Rs 1,000 crore grant per park.
State government must contribute at least Rs 500 crore per park.
Three chemical parks will be developed with plug-and-play infrastructure.
The scheme aims to boost manufacturing, attract investments, and create jobs.
Prelims pointers
- BHAVYA Rasayan scheme
- Bharat Audyogik Vikas Yojana Rasayan
- Union Budget 2026-27
- Rs 3,030 crore outlay
- Rs 1,000 crore grant per park
- State contribution: minimum Rs 500 crore per park
- Implementation: FY 2026-27 to 2030-31
- Three chemical parks
Mains angles
- Discuss the role of chemical parks in boosting India's manufacturing and industrial growth.
- Critically examine the effectiveness of government schemes in attracting private investment and creating employment.
- Analyze the significance of the chemicals sector as a foundational industry for the economy.