NEW DELHI: Union Cabinet on Friday approved the Bharat Audyogik Vikas Yojana Rasayan (BHAVYA-Rasayan) scheme for establishing three dedicated chemical parks in the country.The scheme will have a total financial outlay of Rs 3,030 crore, of which Rs 3,000 crore will be used for establishing common infrastructure facilities and basic utilities inside the parks, while the remaining Rs 30 crore has been earmarked for administrative expenditure.Announced in the Union Budget, the scheme will run for five years. While the Centre will provide a grant of up to Rs 1,000 crore for each park, the state where it is established will have to contribute at least Rs 500 crore.Govt said the BHAVYA-Rasayan scheme is expected to promote the development of the chemical industry and its value chain, including upstream, downstream and ancillary industries, while ensuring efficient utilisation of resources.By providing shared common infrastructure facilities and basic utilities tailored to the needs of the chemical industry, the scheme is expected to enhance cost competitiveness and make the Indian chemical industry globally competitive. It will also help the sector integrate better with global value chains, boosting exports and import substitution.The scheme will create an environment-friendly ecosystem with centralised facilities such as a common effluent treatment plant, treatment, storage and disposal facilities, and hazardous waste management infrastructure. Govt said the development of the chemical sector will generate employment and contribute to economic growth.