The Bharat Audyogik Vikas Yojana, which received Union Cabinet approval on March 18, 2026, has a financial allocation of Rs 33,660 crore and aims to set up 100 industrial parks across the country in challenge mode, Goyal said. The scheme is part of a broader ease-of-doing-business push to provide plug-and-play manufacturing destinations in collaboration with state governments.
“At the first stage, we are coming out with 25 parks for which we are requesting states to apply within the next two months,” Goyal said. “Another 30 parks in the next two months, so in the next four months, we are looking for applications for 50 industrial parks so that we can quickly start rolling out this scheme across the country.”
The parks will typically be 100 to 1,000 acres and are expected to promote multimodal logistics, social infrastructure such as schools, colleges and hospitals, sustainability, digital infrastructure and single-window clearances, he said. Special Purpose Vehicles will be empowered as planning authorities to speed up approvals for factory, pollution, boiler and explosives licenses, common treatment plants, testing facilities and centres of excellence.
“Our effort is to provide ease of starting business for entrepreneurs as the first step of ease of doing business,” Goyal said. “States will provide land, while the Centre will fund common infrastructure at about Rs 1 crore per acre. For private landowners, the scheme envisages Rs 50,000 per acre support if the state government backs the proposal,” he said.
Highlighting the urgency, Goyal said the scheme was notified on April 10, just a month after Cabinet approval, and operational guidelines were issued on Thursday.
“An original proposal which seemed to me was for four months for the first 50 parts. I sent back the file,” he said, adding that the timeline was compressed. “I think the 50 parks should be operational in the next three years. Latest.”He added that the scheme is designed for industrialisation, not just for exports like SEZs, and will also serve the domestic market. The government will use objective criteria for selection and give preference to early applicants. Proactive states with land identified will be prioritised, and smaller parks may be considered for regions like Bastar to expand economic opportunities.
The minister linked the initiative to India’s broader economic resilience amid global turmoil. “We see Bharat’s relentless rise on the global stage. We continue to have strong fundamentals of the economy. Our exports continue to be very robust,” he said, noting that April’s export growth pace continued into the last three weeks of May.
Goyal cited record gross FDI of $95 billion for the year ended March 2026, up 17% YoY, as evidence that “India enjoys favor amongst global investors as a preferred investment destination.” He added that the government remains focused on self-reliance, promoting domestic manufacturing, deep tech through the Rs 1 lakh crore Research Foundation, and the Rs 10,000 crore startup fund of fund 2.0.
On the rupee, he said the government does not interfere in the exchange rate as it is market-driven, but continues measures for export promotion, import substitution and investment.
Goyal also confirmed his visit to Canada starting Monday to meet counterpart Maninder Siddhu, with discussions planned on investments, including the Maple 8 pension fund and a potential $50 billion trade target in five years under a proposed FTA.
“Canada, which has $100 billion in India, can invest in a bigger way,” he said, adding that the $2.5 trillion Canadian economy and India’s youthful talent are complementary, with strengths in gas, oil, critical minerals and mining.
Goyal also said that the UK’s Trade Minister, Chris Bryant will be on a visit to India on June 2 to iron out issues related to the FTA and steel. Recently, India raised concerns over the UK’s recent steel safeguard measures as the UK plans to limit tariff-free steel imports, reducing the overall quota available under the existing safeguard measures by 60 per cent. Any imports above these levels will then face a 50 per cent tariff.