Centre to approve ₹25,000cr for industrial parks in 3 states
The Indian government is preparing to greenlight new 'industrial cities' in several Indian states including Telangana, Andhra Pradesh, Bihar, Uttarakhand, Uttar Pradesh, Punjab, and Kerala. This move is expected to significantly improve industrial growth and economic development within these regions. The Centre is also set to approve the development of 12 industrial parks across Andhra Pradesh, Bihar, and Punjab with an estimated budget of ₹25,000 crore.
Industrial cities to attract ₹1.5 trillion in investments
The proposed industrial cities are tipped to attract investments worth ₹1.5 trillion, according to a report by Business Standard. These integrated 'industrial cities' will feature residential and commercial zones as part of the government's strategy to draw foreign investment, boost domestic manufacturing, and create jobs. The approval for this initiative could come as early as this week, following Union Finance Minister Nirmala Sitharaman's announcement last month about including such parks, under the National Industrial Corridor Development program.
FM's vision for 'plug and play' industrial parks
In her recent Budget speech, Sitharaman outlined the government's plan to facilitate the development of investment-ready 'plug and play' industrial parks in or near 100 cities. This will be done in association with states and the private sector, by better utilizing town planning schemes. The proposed industrial cities will be modeled after successful examples such as the integrated industrial township in Greater Noida and Gujarat's Dholera special investment region.
Industrial hubs to focus on diverse sectors
The industrial hubs will concentrate on various sectors like technical textiles, fabrication, electric vehicles, aero logistics, food processing, and tourism. The development is planned over three years, with land acquisitions and major clearances already completed to avoid delays.
