New Delhi [India], October 5 (ANI): Union Minister of State for Chemicals and Fertilizers Anupriya Patel urged the domestic industry and state governments to participate in the Cabinet-approved Bhavya Rasayan scheme to drive the growth of India’s chemical and petrochemical sector.
Speaking to the media on the sidelines of the launch of ‘India Chem 2026’, organised jointly by the Federation of Indian Chambers of Commerce and Industry (FICCI) and the Ministry of Chemicals and Fertilisers, Patel stated that the initiative aims to establish three major chemical parks across the country.
Under the framework of the scheme, the central government will provide financial assistance of Rs 1,000 crore, while the participating states will contribute a minimum of Rs 500 crore each.
“The ‘Bhavya Rasayan’ scheme is an initiative by the Government of India to set up three large chemical parks in the country. Under this scheme, the central government will contribute Rs 1,000 crore, and the states will contribute a minimum of Rs 500 crore each,” Patel said.
“We have released the guidelines, and now the industry and the states will sit together to send us their proposals for wherever they want to build these chemical parks,” she added.
Patel noted that the approvals will follow swiftly once the proposals are submitted, creating an environment that supports scale and industrial expansion.
“We have also appealed to them, and as soon as we receive the proposals, they will be approved so that this entire scheme can move forward. By taking this chemical parks initiative to a large scale, the industry will get an ecosystem where it can innovate and expand its manufacturing, which will in turn strengthen our chemical sector,” she stated.
Highlighting the broader economic context, Patel pointed out that domestic manufacturing remains central to India’s long-term goal of achieving a self-reliant economy by 2047 amid shifting global dynamics.
“Given the current geopolitical situations, it is important for us and everyone else to have a resilient economy. India has set a target to become a developed and self-reliant economy by 2047. Amidst all these circumstances, it is crucial to promote manufacturing. And in our manufacturing mission, the chemicals and petrochemical sector has a vital role,” Patel noted.
She also outlined government measures to integrate the sector into research and development frameworks, including the Department of Science and Technology’s RDIS scheme, alongside complementary programs like the National Critical Mineral Mission, the India Semiconductor Mission, the Rare Earth Corridor, relaxed foreign direct investment norms, and concluded free trade agreements.
Addressing the upcoming industry gathering, Patel announced that Mumbai will host the flagship edition of India Chem 2026 from October 22 to 24.
“IndiaChem 2026 is going to be held in Mumbai from October 22 to 24. It is the biggest event for our chemicals and petrochemicals sector in the entire Asia region,” Patel stated.
“Today, people from all over the world and across the country associated with our chemicals and petrochemical industry—innovators, researchers, everyone—will come together on a single platform. They will shape the future roadmap of this sector and also forge many business collaborations,” she said.
According to govt data, India has traditionally been a world leader in generics and biosimilars and is home to major Indian vaccine manufacturers, contributing more than 50 per cent of the global vaccine supply. Chemicals and petrochemicals demand in India is expected to nearly triple and reach USD 1 trillion by 2040.
The India speciality chemicals market reached Rs 5,83,972 crore (USD 67.0 billion) in 2025 and is projected to reach Rs 8,65,444 crore (USD 93.4 billion) by 2034, growing at a CAGR of 3.65 per cent during 2026-2034. (ANI)
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