Why is it in the news?
First dedicated budgetary support for chemical park infrastructure announced.
₹600 crore challenge-based scheme proposed for three Chemical Parks.
Category: Economy
Important Points:
● ₹600 crore allocation for three Chemical Parks
● Cluster-based, plug-and-play industrial model
● Provides common utilities and environmental compliance facilities
● Builds on Plastic Parks, Bulk Drug Parks, PCPIR models
● Objective: reduce import dependence and strengthen supply chains
● Chemical industry contributes ~7% to GDP
● India ranks sixth globally and third in Asia in chemicals
● Enhances global competitiveness in bulk and specialty chemicals
● Focus on technology adoption and sustainability