Economic corridor worth ₹1L crore to come up in MP
What's the story
Madhya Pradesh Chief Minister Mohan Yadav has laid the foundation stone for the ambitious Indore-Pithampur Economic Corridor. The project is expected to bring in fresh investments worth ₹1 lakh crore. It will connect with the Delhi-Mumbai Expressway, national highways, an inland container depot and rail network, as well as Indore's airport and cargo terminal.
Economic impact
Corridor to boost economic growth in MP
The Indore-Pithampur corridor, falling under the Ujjain-Indore metropolitan region, is expected to be a major step toward the economic empowerment of Madhya Pradesh. CM Yadav said that during his government's tenure, investment projects worth over ₹9 lakh crore have been realized. He also highlighted that Madhya Pradesh is among the fastest-growing states in terms of new industrial establishments in India.
Agricultural partnership
Farmers to be compensated at 4 times the land rate
Yadav said his government is making farmers partners in industrial development. The state has decided to compensate farmers at four times the rate of land for acquisition. The total cost of the Indore-Pithampur economic corridor project is around ₹2,365 crore. The first phase includes building a 20km-long and 75-meter-wide road at a cost of over ₹350 crore.
Employment generation
Project to create employment opportunities
The Indore-Pithampur economic corridor is expected to attract investments in IT, ITeS, fintech, data centers, GCCs, green industries and knowledge-based industries. These investments are likely to generate direct and indirect employment for six lakh people. The project will be developed over an area of about 1,316 hectares with planned development within 300 meters on both sides of the main road.