PM Modi and PM Wickremesinghe jointly address the media
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India and Sri Lanka have a huge stake in each other’s success and in stability and development in our region: PM Modi
This is a relationship that touches the hearts of ordinary Indians and Sri Lankans: PM Modi

Your Excellency Prime Minister Ranil Wickremesinghe, 

Members of the media,

I am delighted to extend a warm welcome to you, and Prof. Maithree Wickremesinghe, and members of your delegation.

Let me congratulate you once again for leading the United National Front for Good Governance alliance to victory in last month's parliamentary elections.

We are deeply honoured that you have chosen India as your first overseas destination. It is a happy coincidence that your last full term as Sri Lanka’s Prime Minister coincided with the first NDA Government.

We thank you for your belief in and steadfast support for India-Sri Lanka relations. You are a deeply valued friend, whose vision for Sri Lanka’s progress and commitment to its pursuit is greatly admired in India.

This is a historic year for India-Sri Lanka relations, as it is for Sri Lanka. We had the honour of hosting President Sirisena on his maiden visit abroad in February. I had the privilege of an extraordinary visit to Sri Lanka in March. Now, we have Prime Minister Wickremesinghe here.

Sri Lanka has voted twice this year for change, reforms, reconciliation and progress. There can be no stronger statement of Sri Lanka’s democratic tradition. There can be no clearer sign of Sri Lanka’s march towards a peaceful, inclusive, and prosperous future.

As a close neighbour and friend, we wish Sri Lanka every success; rejoice in your progress; and, assure you of India’s unwavering support.

So, we are pleased that the Government of Sri Lanka has taken a number of significant steps in recent times. The leadership has shown remarkable political unity, at a time of great hope.

I am confident that with the wisdom and will of the leadership in Sri Lanka and the support of the people, Sri Lanka will achieve genuine reconciliation and development, so that all Sri Lankans, including the Sri Lankan Tamil community, can live a life of equality, justice, peace and dignity in a united Sri Lanka.

Your progress is important for our two countries, South Asia and our maritime region.

Prime Minister and I had excellent discussions today.

We welcomed some significant developments in bilateral relations since March, including the currency swap arrangement. We also expressed hope that progress on key bilateral initiatives and projects will gather speed now.



We both want deeper economic engagement. We would like to see our trade grow and become more balanced for Sri Lanka. We discussed how we can achieve these goals in a more open and competitive Indian market, including through bilateral arrangements for trade and investments.

I also sought his support for Indian investors, who are keen to participate in Sri Lanka’s economic development, especially in infrastructure, energy and transport sectors.

I offered India’s full support to strengthen connectivity between our two countries to deepen human and economic links that will benefit all sections of our societies.

I assured Prime Minister Wickremesinghe of continuing commitment to our development partnership - in infrastructure, railways, energy, community development projects, agriculture, capacity building, science and technology, space and civil nuclear field.

We will continue to nurture people-to-people ties. We just finished an absorbing test series. We shall all miss the great Kumar Sangakkara on the cricket field.

We recognise our closely aligned security interests and the need to remain sensitive to each other’s concerns. We both reaffirmed our commitment to deepen our defence and security cooperation.

We will intensify cooperation in combating terrorism and work together for security and stability in our maritime neighbourhood. Sri Lanka is our largest partner in defence training programme and we will continue to expand our cooperation in this area.

Prime Minister and I also discussed the fishermen issue. We agreed that fishermen's associations on both sides should continue their efforts to find a solution.

I conveyed to him that this should be seen as a humanitarian issue that affects livelihoods. I informed him of the steps we are taking to encourage Indian fishermen to take up deep sea fishing.



In conclusion, let me say that India and Sri Lanka have a huge stake in each other’s success, and in stability and development in our region.

This is a relationship that touches the hearts of ordinary Indians and Sri Lankans. It is also of great strategic importance to our two countries. With President Sirisena and Prime Minister Wickremesinghe, we can look to the future with great optimism.

Thank you.

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Cabinet approves scheme of Chemical Parks “Bharat Audyogik Vikas Yojana Rasayan (BHAVYA Rasayan)
July 24, 2026

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved Bharat Audyogik Vikas Yojana Rasayan or BHAVYA - Rasayan Scheme for establishing three dedicated Chemical Parks in the country. The Scheme was announced in the Union Budget of FY 2026–27.

The Scheme will have a total financial outlay of Rs.3,030 crore, with Rs.3,000 crore towards meeting the cost of establishing the Common Infrastructure Facilities and Basic Utilities inside the park and Rs. 30 Crores as administrative expenditure. The scheme would run for a period of 5 years from FY 2026-27 to FY 2030-31.

In terms of the said scheme, the Centre would provide a grant of up to Rs.1,000 crore per park. This will be subject to minimum contribution of Rs.500 crore by the concerned State Government.

BHAVYA Rasayan Scheme is expected to bring the following benefits to the economy:

  • It will promote development of the Chemical industry along the whole value chains including upstream, downstream and ancillary industries promoting efficient utilization of resources, leading to lower logistics cost.
  • Through shared Common Infrastructure Facilities and Basic Utilities, keeping the needs of chemicals industry in mind, it will lead to enhanced cost competitiveness and will make the Indian Industry globally competitive.
  • It will help the Indian Chemical industry better integrate in Global Value Chains leading to greater exports and higher import substitution.
  • It will promote development of Indian Chemical industry in a sustainable way by creating an environment friendly ecosystem which will consist of centralized facilities such as Common Effluent Treatment Plant, Treatment, Storage, and Disposal Facility, and Hazardous Waste Management infrastructure. It will ensure better compliance management with environmental regulations, thereby promoting development of industry in eco-friendly manner.
  • Development of Chemical sector will lead to a cascading effect through enhanced development of downstream sectors of the economy as well, thereby leading to higher employment generation and greater development of the economy, helping achieve the goal of Viksit Bharat @ 2047.
Recognising that this sector produces Chemicals and Petrochemicals which are used in various downstream industries such as Agriculture, Textiles, Pharmaceuticals, Nutraceuticals, Construction, Automobile, Electronics, introducing BHAVYA Rasayan Scheme shall facilitate development of the sector by attracting domestic and foreign investments, enhancing domestic production capacity and generating employment. It will boost the global competitiveness of the sector thereby, promoting Atmanirbharta.
 
In terms of the said Scheme, the Centre will facilitate development of three dedicated Chemical Parks by the State Governments under Challenge Route. Each such park will have a minimum contiguous area of 8 sq. km. (minimum 2,000 acres) of encumbrance-free land. These parks will provide plug-and-play infrastructure, in the form of Common Infrastructure Facilities and Basic Utilities for the chemical industry such as:
  • Common Effluent Treatment Plant (CETP),
  • Treatment, Storage, and Disposal Facility (TSDF),
  • Water supply and distribution systems,
  • Solvent recovery and distillation facilities,
  • Steam generation and distribution network,
  • Interconnected pipeline network,
  • Logistics and warehousing facilities.