Govt launches ₹33,660-crore Bhavya scheme to build 100 industrial parks: Piyush Goyal

Union Commerce and Industry Minister Piyush Goyal on Saturday said the government has opened a four-month application window for states to submit proposals for setting up 50 industrial parks under the ₹33,660 crore Bharat Audyogik Vikas Yojana (BHAVYA) scheme, aimed at strengthening India’s industrial infrastructure. 

Under the scheme, 100 plug-and-play industrial parks will be developed across the country in partnership with state governments. The programme was approved by the Union Cabinet on March 18, 2026, after consultations with industry stakeholders, investors and states. 

Launch of Bhavya scheme 

On March 18, the Union Cabinet approved the scheme for developing 100 plug-and-play industrial parks across the country.

It aims to develop world-class industrial infrastructure, unlock manufacturing potential and drive the country's economic growth.

“The Bharat Audyogik Vikas Yojana will help create world-class industrial ecosystems and improve ease of doing business,” Goyal said. 

Goyal said that India recorded its highest-ever gross foreign direct investment (FDI) inflow of $95 billion in the financial year ended March 2026, reflecting growing global investor confidence in the country. 

“Yesterday, the Reserve Bank of India announced the highest-ever gross FDI inflow of $95 billion for the year ending March 2026, marking a 17% year-on-year growth. This reflects the confidence global investors have in India as a preferred investment destination,” Goyal said. 

The minister further announced that he will undertake a three-day official visit to Canada from May 25 to 27 along with a delegation of more than 150 Indian business leaders. The delegation is scheduled to hold high-level meetings in Ottawa and Toronto.  

“I am meeting the Prime Minister of Canada myself during the visit. There is a lot of interest in concluding the free trade agreement,” he said. 

Proposed India-Canada FTA 

Goyal said India expects increased investments from Canada and described the proposed India-Canada free trade agreement as “complementary, not competitive”. 

“Their strengths lie in gas, oil and mining, while India’s strengths are textiles, leather, and skilling,” he said. 

Responding to a question on maintaining stability in the current account deficit (CAD), the minister said the government is focusing on expanding local manufacturing, attracting domestic, and foreign investments, and promoting deep-tech sectors. 

“We are continuously addressing challenges related to self-reliance, especially in areas where we are dependent on certain geographies,” Goyal added.