The Union Cabinet has approved the 'Bharat Audyogik Vikas Yojana Rasayan' (BHAVYA - Rasayan Scheme) to establish 3 dedicated Chemical Parks in India. The scheme has a total outlay of ₹3,030 crore (₹3,000 crore for infrastructure and ₹30 crore for administrative expenses) and will be implemented over 5 years from FY27 to FY31.
Under the scheme, the central government will provide a grant of up to ₹1,000 crore per park, while the respective state government must contribute a minimum of ₹500 crore.