Union Budget 2024-25 proposes creation of twelve industrial parks

Current Context : Twelve investment-ready “plug and play” Industrial parks to be created under national industrial corridor development programme.

• Government will also facilitate development of investment-ready plug and play industrial parks with complete infrastructure in or near 100 cities, in partnership with states and private sector, by better using town planning schemes.

ABOUT INDUSTRIAL PARKS

• An industrial park, also known as industrial estate, is an area zoned and planned for the purpose of industrial development. E.g. Andhra Pradesh’s Sri City Special Economic Zone.
• Industrial parks may contain oil refineries, ports, warehouses, distribution center, and factories.

SIGNIFICANCE:

• Creation of employment opportunities.
• Fosters sharing of common infrastructure, collaborate and enhance productivity and competitiveness.
• Attracts Foreign Direct Investment and expands manufacturing activity.

National Industrial Corridor Development Programme (NICDP)

• It is India’s most ambitious infrastructure programme aiming to develop futuristic industrial cities in India.
• Aim: to develop new industrial cities as “Smart Cities” and converging next generation technologies across infrastructure sectors which can compete with the best manufacturing and investment destinations in the world.
• Projects: 11 industrial corridors are envisaged consisting of 32 projects to be developed in 4 phases.

11 Industrial corridors are :

• Delhi-Mumbai Industrial Corridor (DMIC)
• Amritsar-Kolkata Industrial Corridor (AKIC)
• Chennai-Bengaluru Industrial Corridor (CBIC)
• Vizag-Chennai Industrial Corridor (VCIC)
• Bengaluru-Mumbai Industrial Corridor (BMIC)
• Odisha Economic Corridor (OEC)
• Hyderabad Nagpur Industrial Corridor (HNIC)
• Hyderabad Warangal Industrial Corridor (HWIC)
• Hyderabad Bengaluru Industrial Corridor (HBIC)
• Extension of CBIC to Kochi via Coimbatore
• Delhi Nagpur Industrial Corridor (DNIC)