The Indian government on Saturday announced that it has opened a four-month window for states to submit applications for setting up the first 50 industrial parks under the ambitious Bharat Audyogik Vikas Yojna (Bhavya) scheme. This scheme, with a total outlay of Rs 33,660 crore, aims to establish 100 plug-and-play industrial parks across the country over a period of six years, starting from the current fiscal year.
Phased Implementation
Under the first phase, 20 industrial parks will be set up, followed by an additional 30 in the subsequent phase. Commerce and Industry Minister Piyush Goyal stated that the selection of these parks will be based on a challenge-based competitive process. States that expedite the development of these parks ahead of schedule may be offered additional incentives.
Park Specifications
The industrial parks under this scheme will range in size from 100 to 1,000 acres. For hilly states, parks can be approved on a minimum of 25 acres of land. The government will provide financial support of up to Rs 1 crore per acre for infrastructure development. Concessions are also expected for parks established in former Naxal-affected areas.
This initiative is part of the government's broader strategy to boost manufacturing and industrial growth by providing ready-to-use infrastructure for businesses. The plug-and-play model aims to reduce the time and cost for companies to set up operations, thereby attracting investment and generating employment.
States are encouraged to apply within the stipulated four-month window to secure their participation in this transformative scheme. The Bhavya scheme is expected to significantly enhance the industrial landscape of India, promoting balanced regional development and economic growth.
