Union Budget 2026-27 Focuses on Transformative Chemical Parks Initiative
The Indian government announced a significant initiative in the Union Budget 2026-27 to establish three dedicated Chemical Parks. These parks are envisioned as cluster-based, plug-and-play facilities supported by Rs 600 crore in budgetary allocation. The primary goals are to enhance domestic chemical manufacturing, support infrastructure development, and bolster global competitiveness while reducing import reliance. This initiative aligns with an overarching strategy to integrate MSMEs into value chains, foster employment, and promote eco-friendly practices through shared infrastructure and governance. Additionally, the budget allocates Rs 20,000 crore for the development of Carbon Capture, Utilization, and Storage (CCUS) technologies to aid in reducing industrial emissions.
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