CCEA clears 12 industrial parks across 10 States

• ₹28,602 crore to set up 12 industrial parks across 10 States and along six major industrial corridors, in line with an announcement in the Union Budget.

Highlights:

• The Cabinet Committee on Economic Affairs (CCEA) recently approved an outlay of ₹28,602 crore for establishing 12 greenfield industrial parks across 10 states in India.
• This ambitious initiative aligns with the Union Budget announcement and aims to create a robust industrial infrastructure that can potentially transform India's economic landscape.
• These industrial "smart cities" are designed to attract substantial investments, create millions of jobs, and provide a "plug and play" environment for investors.

Key Features of the Initiative

Strategic Locations and Corridors:

• The proposed industrial parks will be strategically located along six major industrial corridors, which include the Delhi Mumbai Industrial Corridor, Vizag-Chennai, Hyderabad-Bengaluru, Hyderabad-Nagpur, and Chennai-Bengaluru corridors.
• Andhra Pradesh and Uttar Pradesh will each host two parks, with other parks located in states like Bihar, Maharashtra, Telangana, and Kerala.
• The specific focus on states like Andhra Pradesh, Uttar Pradesh, and Bihar reflects the government's intent to promote balanced regional development.

Investment and Job Creation:

• The government estimates that these industrial parks can attract investments worth ₹1.5 lakh crore. These investments are expected to create 1 million direct jobs and up to 3 million indirect jobs, contributing significantly to the country’s employment generation efforts.
• The "conservative estimates" mentioned by Commerce and Industry Minister Piyush Goyal suggest that the actual economic impact could be even greater, depending on the response from investors and the success of the projects.

"Plug and Play" Infrastructure:

• The concept of "plug and play" industrial parks is designed to provide ready-to-use infrastructure for industries, including land acquisition and environmental clearances, which are already in place.
• These parks are part of the larger goal of creating around 100 investment-ready industrial parks across the country, as announced by Finance Minister Nirmala Sitharaman in the Union Budget.

Environmental and Sustainability Considerations:

• The term "greenfield" indicates that these are newly developed sites, as opposed to brownfield sites, which are redeveloped from existing industrial areas.
• The focus on sustainability and smart infrastructure within these parks is expected to set a new standard for industrial development in India, balancing economic growth with environmental responsibility.

Prelims Takeaways:

• Cabinet Committee on Economic Affairs (CCEA)