Bhavya Rasayan Scheme: Centre to fund three greenfield chemical parks with Rs 1,000 crore grant each; states and industry asked to submit proposals by November 30

Key facts

• The Union Cabinet-approved 'Bhavya Rasayan' scheme will support states in developing three greenfield chemical parks selected through a challenge mode, with the Centre providing a grant of Rs 1,000 crore per park for common infrastructure and utilities, and proposals must be submitted by November 30.
• Union Minister of State for Chemicals and Fertilisers Anupriya Patel urged states and industry to join the scheme, which involves a minimum investment of Rs 4,500 crore, at the curtain-raiser for India Chem 2026.
• The 14th edition of India Chem, hosted by the Department of Chemicals and Petrochemicals in partnership with FICCI, will be held from October 22 to 24 in Mumbai.
• The chemicals and petrochemicals sector contributes about 1 per cent to India's GDP with a market size of $230 billion, which the government aims to expand to $1 trillion by 2040.
• China's share of global chemical sales rose from 10 per cent to 46 per cent between 2004 and 2024, while India's rose from 2 per cent to 3 per cent; global R&D spending in the sector rose from $38 billion to $71 billion between 2012 and 2022, with India's share around 3 per cent.
• The ministry is seeking priority status for the sector under the Department of Science and Technology's Research Development Innovation Scheme, which has an outlay of about Rs 1 lakh crore, and is exploring incentives for import substitution.