Govt decision to set up 12 industrial cities to boost domestic manufacturing: Experts
PTI, Aug 28, 2024, 7:02 PM IST
Representative image (source: Pexels)
New Delhi: The Union Cabinet’s decision to set up 12 new industrial cities in ten states with an estimated investment of Rs 28,602 crore will help boost domestic manufacturing and job creation, experts say.
Kushal Kumar Singh, Partner, Deloitte India, said the announcement indicates the determination of the government to give big thrust to the manufacturing ecosystem in the country and represents a progressive approach towards attracting investments.
He said that the industrial cities that “offer world-class infrastructure facilities will be key to positioning India as a global manufacturing powerhouse and are expected to boost the manufacturing sector’s contribution to India’s GDP and generate employment opportunities”.
The development of these hubs is part of a broader strategy to enhance domestic production capabilities and enhance the share of manufacturing in India’s GDP which is very critical for achieving the USD 5 trillion economy target, Singh said.
“By creating these state-of-the-art industrial zones, the government aims to attract more investments and foster economic growth across different regions,” he added.
Echoing similar views, Arun Kumar, Partner, INDUSLAW, said that the new areas have been proposed in Bihar, Andhra Pradesh and Punjab, among others to further expand the benefits of industrialisation and multimodal connectivity to these states.
“It aims to strike a balance between sustainability, planned urbanisation and industrial development while enabling lower logistical costs and costs of doing business,” he said.
Kumar added that through this innovative model of infrastructure development, National Industrial Corridor Programme (NICP) understands the inter-dependence of various sectors and aims to attract investment by providing a mix of business as well as residential investment opportunities.
Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.
Top News
Related Articles More
Bull run continues… Sensex, Nifty hit fresh record high levels
Airfare hike not linked to rise in airport charges: Airports Council International
Markets decline in early trade on profit-taking after record rally
NCLT recalls order on Zee-Sony merger, allows withdrawal of scheme
SpiceJet shareholders approve Rs 3,000 cr fund raising plan
MUST WATCH
Latest Additions
Parashurama Statue: Congress leader accuses Karkala MLA of hurting religious sentiments
B’luru: Police arrest man for stealing laptops from workplace
In talks with finance ministry to explore measures to curb steel imports: Kumaraswamy
Bull run continues… Sensex, Nifty hit fresh record high levels
Udupi/Mangaluru: Server issues disrupt domestic gas cylinder supply in coastal districts
Thanks for visiting Udayavani
You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.