Why in News?
The Union Cabinet approved the BHAVYA-Rasayan Scheme to establish three chemical parks, aiming to boost domestic chemical manufacturing and attract private investment.
Key Highlights
- Cabinet approved the Bharat Audyogik Vikas Yojana Rasayan (BHAVYA-Rasayan).
- Three chemical parks of at least 2,000 acres each.
- Total outlay: ₹3,030 crore.
- Each park is expected to attract ₹20,000 crore to ₹50,000 crore in private investment.
- Parks will provide common infrastructure such as CETPs, hazardous waste management, utilities, and logistics.
Value Addition
- India is the 6th largest chemical producer globally and 3rd largest in Asia.
- The sector contributes about 7% of GDP, 14% of industrial output, and 11% of merchandise exports.
- Chemical parks promote cluster-based manufacturing, reduce logistics costs, improve environmental compliance, and enhance export competitiveness.
BHAVYA-Rasayan Scheme
- Union Government scheme approved in July 2026.
- Outlay: ₹3,030 crore.
- Objective: Develop integrated chemical manufacturing hubs, attract investment, reduce import dependence, and strengthen Make in India.
PYQ (2023, GS3, 10 Marks) Faster economic growth requires increased share of the manufacturing sector in GDP, particularly of MSMEs. Comment on the present policies of the Government in this regard.
[2020] With reference to the international trade of India at present, which of the following statements is/are correct?
1.India’s merchandise exports are less than its merchandise imports.
2.India’s imports of iron and steel, chemicals, fertilisers and machinery have decreased in recent years.
3.India’s exports of services are more than its imports of services.
4.India suffers from an overall trade/current account deficit.
Select the correct answer using the code given below:
a) 1 and 2 only
b) 2 and 4 only
c) 3 only
d) 1, 3 and 4 only