The Union Cabinet on Wednesday approved three major economic initiatives, headlined by the Bharat Audyogik Vikas Yojna (BHAVYA) — a Rs 33,660 crore scheme to develop 100 world-class plug-and-play industrial parks across the country.

Briefing media after the cabinet meeting, Information and Broadcasting Minister Ashwini Vaishnaw said the scheme aims to unlock India's manufacturing potential by developing industrial parks ranging from 100 to 1,000 acres, with government support of up to Rs 1 crore per acre. The parks will be developed with plug-and-play infrastructure, allowing industries to begin operations without delays in setting up utilities and services.

The Cabinet approved MSP funding of over Rs 1,718 crore to the Cotton Corporation of India for the 2023–24 cotton season, providing direct price support to cotton farmers nationwide. Vaishnaw said the intervention is designed to protect farmers when market prices fall below the Minimum Support Price — a key safeguard under the government's Aatmanirbhar Bharat vision.

The Cabinet also cleared the Small Hydro Power Development Scheme for 2026–31, with an outlay of Rs 2,584 crore targeting the installation of approximately 1,500 MW of small hydro capacity. The scheme will additionally incentivise states to prepare detailed project reports for around 200 projects, building a pipeline for future development.