BHAVYA Rasayan Scheme

Why in News?

The Cabinet Committee on Economic Affairs, headed by the Prime Minister of India, has approved the Bharat Audyogik Vikas Yojana Rasayan, or BHAVYA-Rasayan Scheme.

• It aims for establishing 3 dedicated chemical parks in the country.
• The centre will facilitate the development of 3 dedicated chemical parks by the state governments under the challenge route.
• The Centre would provide a grant of up to Rs. 1,000 crore per park.
• However, this will be subject to the minimum contribution of Rs. 500 crores by the concerned state government.
• The proposed 3 parks will provide plug-and-play infrastructure in the form of common facilities and basic utilities for the chemical industry.
• The chemical parks could be greenfield or brownfield, depending on the state governments' selection based on the challenge route.
• The facilities include
  • A common effluent treatment plant (CETP);
  • Treatment, storage, and disposal facility (TSDF), water supply and distribution systems;
  • Solvent recovery and distillation facilities; steam generation and distribution network;
  • Interconnected pipeline network; and
  • Logistics and warehousing facilities.
• Benefits - It will promote development of the chemical industry along the whole value chain, including upstream, downstream and ancillary industries.
• It will promote efficient utilisation of resources, leading to lower logistics costs.
• Through shared common infrastructure facilities and basic utilities, it will lead to enhanced cost competitiveness and will make the Indian industry globally competitive.
• It will help the Indian chemical industry better integrate in global value chains, leading to greater exports and higher import substitution.
• It will promote the development of the Indian chemical industry in a sustainable way by creating an environmentally friendly ecosystem.
• It will ensure better compliance management with environmental regulations, thereby promoting development of industry in an eco-friendly manner.
• Development of the chemical sector will lead to a cascading effect through enhanced development of downstream sectors of the economy as well.
• It is thereby leading to higher employment generation and greater development of the economy, helping achieve the goal of Viksit Bharat in 2047.

Reference

PM India | BHAVYA Rasayan Scheme