The Union Cabinet on Friday approved the Bhavya Rasayan Scheme (Bharat Audyogik Vikas Yojana Rasayan) with a financial outlay of Rs 3,030 crore to establish three dedicated chemical parks across the country, aiming to strengthen India's chemical manufacturing ecosystem, attract investment and reduce import dependence.
The scheme, announced in the Union Budget for FY27, will run for five years from FY2026-27 to FY2030-31. Of the total outlay, Rs 3,000 crore has been earmarked for developing common infrastructure and basic utilities in the parks, while Rs 30 crore has been allocated for administrative expenses.
