India to launch 50 industrial parks under Bhavya scheme

Commerce and industry minister Piyush Goyal said the Centre is preparing several sector-specific investment promotion proposals announced in the budget. “We are continuously addressing challenges related to increasing self-reliance, particularly in areas where our supply chains are critically dependent on certain geographies,” he said.

NEW DELHI: The government is working on several measures to promote investments in key sectors as part of a push to strengthen domestic manufacturing, reduce import dependence and boost exports, commerce and industry minister Piyush Goyal said on Saturday.

The minister said the Centre is preparing several sector-specific investment promotion proposals announced in the budget. “We are continuously addressing challenges related to increasing self-reliance, particularly in areas where our supply chains are critically dependent on certain geographies,” he said.

There are no signs of a demand slowdown in the economy so far based on recent discussions with the industry, Goyal told reporters here, asserting that there’s no industrial degrowth.

Steps such as finalisation of nine free trade agreements (FTAs), encouragement for import substitution of goods where India has a critical requirement in its supply chains, promoting ease of doing business and decriminalisation of minor offences will support India's industrialisation, he said.

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Asked about rupee depreciation, he said the government does not interfere in exchange rates as these are determined by market forces and influenced by several global factors. “In fact, if I read correctly, in the last two or three days, again the rupee has appreciated pretty significantly. So, these are market-driven factors,” he said.

Industrial Parks

The rupee rose for a second consecutive session to close at 95.60 against the US dollar on Friday.

The commerce and industry ministry has identified certain sectors such as electronics and chemicals where imports are huge but the potential to export is also significant.

Goyal said the partnership between Tata Group and ASML for a semiconductor plant in Dholera, Gujarat, is a big achievement. “When the semicon mission was launched three years ago, ASML was hesitating and there is no chip that can be made without ASML equipment,” he pointed out. “It is a compulsion that you need ASML equipment. So, you see, what a big change in three years, from no to yes.” As part of the industrial push, the government will invite applications from states for 50 industrial parks under the Rs 33,660-crore Bharat Audyogik Vikas Yojna (Bhavya) scheme over the next four months, Goyal said.

“We expect that in three years, these 50 parks will be operationalised,” he said.

Also Read: Govt does not interfere in exchange rates: Piyush Goyal

The scheme aims to develop 100 plug-and-play industrial parks, ranging from 100-1,000 acres, across the country between FY27 and FY32. A financial support of up to Rs 1 crore per acre will be provided for infrastructure development. The scheme will be implemented in partneership with states and private sector players.

The government will finalise 20 parks in the first window of two months, and another 30 in the next two months, the minister said. States should set up a special purpose vehicle, notify a planning authority and establish a single-window clearance mechanism to ensure faster approval of their applications, he said.

CANADA FTA

Goyal is leading a delegation of nearly 150 Indian business leaders to Canada, with engagements in Ottawa on May 25 and a two-day programme in Toronto to advance India-Canada Comprehensive Economic Partnership Agreement (CEPA) negotiations.

He is scheduled to meet Canadian Prime Minister Mark Carney and international trade minister Maninder Sidhu.

The two sides are working towards an early conclusion of a balanced and mutually beneficial CEPA by the end of 2026, with a shared ambition to expand bilateral trade to CAD 70 billion by 2030.

Goyal said Canada is a reliable partner for uranium and critical minerals.

He will hold bilateral meetings and roundtables, and meet Maple 8, Canada’s eight largest public pension funds, which together manage assets worth about CAD 2.4 trillion and are considered among the world's most influential longterm investors.

The Indian delegation will engage with Canadian counterparts across priority sectors, including technology and AI; clean energy and critical minerals; pharmaceuticals and biotechnology; aerospace and defence, etc.