India Launches BHAVYA Scheme to Boost Investments and Job Creation
BHAVYA scheme to help attract huge investments, create jobs: Piyush Goyal
Image: The Economic Times
The Indian government has launched the ₹33,660 crore BHAVYA scheme to develop 100 industrial parks, aiming to attract significant investments and create jobs. Commerce Minister Piyush Goyal emphasized the scheme's potential to enhance industrial infrastructure and promote economic growth across the nation.
- 01The BHAVYA scheme has a budget of ₹33,660 crore to develop 100 industrial parks across India.
- 02The initiative is designed to attract investments and create jobs through modern social infrastructure.
- 03States will provide land for the parks, while the Government of India will support infrastructure development through the National Industrial Corridor Development Corporation.
- 04The scheme will adopt a competitive model encouraging states to submit project proposals based on industrial strengths and investor interest.
- 05The first phase will focus on 20 parks, with applications accepted from June 1 to July 31, 2023.
Advertisement
In-Article Ad
The Indian government has introduced the Bharat Audyogik Vikas Yojna (BHAVYA), a ₹33,660 crore initiative aimed at developing 100 plug-and-play industrial parks across the country. Announced by Commerce and Industry Minister Piyush Goyal, the scheme seeks to attract substantial investments and create jobs while providing modern social infrastructure. The Union Cabinet approved the initiative on March 18, with a focus on enhancing industrial infrastructure to stimulate economic growth. States will play a crucial role by providing land, while the National Industrial Corridor Development Corporation (NICDC) will assist in infrastructure development. The scheme will encourage states to submit detailed project proposals that highlight their industrial strengths and investor interest. Goyal mentioned that the government aims to cater to various sectors, including chemicals and manufacturing, and will explore partnerships with countries like Japan and Switzerland for dedicated international enclaves. The first phase will see applications for 20 parks accepted from June 1 to July 31, with further phases planned based on initial feedback.
Advertisement
In-Article Ad
The BHAVYA scheme is expected to create numerous job opportunities and modern infrastructure in various states, thereby boosting local economies.
Advertisement
In-Article Ad
Reader Poll
What do you think about the BHAVYA scheme's potential impact?
Connecting to poll...
Read the original article
Visit the source for the complete story.




