Cabinet Approves Rs 3,030 Crore for Three Chemical Parks Under BHAVYA Rasayan Scheme

The Union Cabinet has approved a new scheme valued at Rs 3,030 crore, aimed at establishing three dedicated chemical parks across India. This initiative, known as the Bharat Audyogik Vikas Yojana Rasayan, is designed to enhance the country’s chemicals sector by providing world-class infrastructure and technology.

The scheme will be implemented over a span of five years, with the Central Government committing to grant up to Rs 1,000 crore for each chemical park. This financial support is intended to facilitate the development of manufacturing facilities, attract both domestic and foreign investments, and create job opportunities in the sector.

The establishment of these chemical parks is part of a broader strategy to make India a global hub for chemical production and to meet increasing domestic demand. With the global chemicals market projected to grow, the initiative is expected to position India favorably in the global supply chain, potentially leading to advancements in sustainability and innovation within the sector.

Furthermore, the initiative aligns with the governments “Make in India” campaign, which aims to promote manufacturing and self-reliance in various industries. The development of chemical parks could also lead to improved research and development capabilities, fostering collaboration between industry and academia.