India, July 24 -- image credit- freepik

The Union Cabinet, chaired by the Prime Minister Narendra Modi, has approved the India Industrial Development Scheme Rasayan or Bhavya-Rasayan Yojana for setting up of three Dedicated Chemical Parks in the country. The scheme was announced in the Union Budget for FY 2026-27.

A total financial allocation of Rs 3,030 crore will be made for the scheme, out of which Rs 3,000 crore will be allocated to meet the cost of installation of indoor infrastructure facilities and basic utilities of the park and R. 30 crore will be allocated as administrative expenses. The scheme will be applicable for a period of five years from FY 2026-27 to FY 2030-31.

The Central Government will provide grants up to Rs 1,00...