The Union Cabinet on Wednesday, March 18 has approved the Bharat Audyogik Vikas Yojna (BHAVYA), with an allocation of Rs.33,660 crore for developing 100 plug-and-play industrial parks across the country.
BHAVYA aligns with the Atmanirbhar push, with the aim to protect the economy from external shocks and imported inflation. It seeks to provide policy support and incentives for core manufacturing sectors, encouraging investments in strategic and emerging industries, according to people aware of the development.
The development comes amid the US, Israel, and Iran conflict, which has led to disruptions in global supply chains and energy markets.
Earlier, the Cabinet Secretariat had asked secretaries of all ministries and departments to submit brief notes outlining major reforms proposed to be undertaken by their respective offices, PTI reported, citing people aware of the development.
The ministries and departments were expected to submit these notes by March 17 to the secretariat, they said.
"All the secretaries have been requested to submit notes on major reforms implemented and proposed to be undertaken," they were quoted as saying.
In an interview with the news portal last month, PM Modi emphasised on the government's "Reform Express", which will benefit common citizens in a big way. He said that his top three reform priorities for the next decade will be continued structural reforms, deepening innovation, and further simplification of governance.
Additionally, PM Modi highlighted that the reforms have helped the citizens of the country, the menace of middlemen has decreased, and infrastructure expansion has improved connectivity and reduced logistics costs.
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