The Union Cabinet chaired by PM Modi approved the BHAVYA Rasayan (Bharat Audyogik Vikas Yojana Rasayan) scheme on July 24, 2026, allocating ₹3,030 crore for developing three dedicated chemical parks proposed in Gujarat, Odisha, and Andhra Pradesh. India's chemicals sector contributes approximately 7% of GDP (₹17-20 lakh crore) and is Asia's third-largest. India's chemical exports stood at ₹3.31 lakh crore in FY24. The scheme aims to attract investment, improve chemical infrastructure, reduce China dependence under the China+1 strategy, and propel India to become a global chemicals hub by 2030.
Economy
Union Cabinet Approves BHAVYA Rasayan Scheme — ₹3,030 Crore for Three Dedicated Chemical Parks; India Chemical Hub Push
Key Points
- The Union Cabinet chaired by PM Modi approved the BHAVYA Rasayan (Bharat Audyogik Vikas Yojana Rasayan) scheme on July 24, 2026, allocating ₹3,030 crore for developing three dedicated chemical parks proposed in Gujarat, Odisha, and Andhra Pradesh
- India's chemicals sector contributes approximately 7% of GDP (₹17-20 lakh crore) and is Asia's third-largest
- India's chemical exports stood at ₹3.31 lakh crore in FY24
- The scheme aims to attract investment, improve chemical infrastructure, reduce China dependence under the China+1 strategy, and propel India to become a global chemicals hub by 2030
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• BHAVYA Rasayan (Bharat Audyogik Vikas Yojana Rasayan): Cabinet approved July 24, 2026; ₹3,030 crore • 3 dedicated chemical parks: proposed in Gujarat, Odisha, and Andhra Pradesh • India chemicals: 7% of GDP; 3rd largest in Asia; exports ₹3.31 lakh crore (FY24) • Ministry of Chemicals and Petrochemicals; China+1 strategy beneficiary
