In brief,
- The government has approved the construction of 12 industrial smart cities, which will cost Rs 28,602 crore.
- Plans to create over 30 lakh indirect jobs and 10 lakh direct jobs.
- Major railway projects are approved, and the agri-infrastructure fund is being expanded.
The construction of 12 industrial smart cities spread over ten states, at an estimated cost of Rs 28,602 crore, has been approved by the Union Cabinet. It is anticipated that the project will draw in investments totaling Rs 1.52 lakh crore and produce approximately 9.39 lakh direct jobs, with the possibility of producing up to 30 lakh indirect jobs.
These projects would be undertaken across six industrial corridors, including the Amritsar-Kolkata, Delhi-Mumbai, Vizag-Chennai, Hyderabad-Bengaluru, Hyderabad-Nagpur, and Chennai-Bengaluru Industrial Corridors, according to Union Minister Ashwini Vaishnaw, who made the announcement on Wednesday.
“These industrial areas will be located in Khurpia in Uttrakhand, Rajpura-Patiala in Punjab, Dighi in Maharashtra, Palakkad in Kerela, Agra and Prayagraj in UP, Gaya in Bihar, Zaheerabad in Telangana, Orvakal and Kopparthy in AP and Jodhpur-Pali in Rajasthan,” according to a government release.
Rail infra boost
Three significant railway infrastructure projects with a combined length of 296 kilometers and an estimated cost of Rs 6,456 crore have also been approved by the Cabinet. These initiatives, which will greatly improve rail connection, are anticipated to spur regional development, especially in districts like East Singhbhum in Jharkhand and Nuapada in Odisha.
Expansion of agri infra fund
The Cabinet also declared that the Agri Infrastructure Fund, which had a Rs. 1 lakh crore budget when it was first established in 2020, will be expanded. Post-harvest agricultural infrastructure, including pack houses, cold storage, refrigerated vehicles, and primary processing units, is the fund’s principal focus.
Credit guarantees for these projects will now be provided under the expansion, which also covers Component A of the PM-Kusum scheme and integrated secondary processing. The goal of this program is to assist farmers in establishing agri-based enterprises and adding value to their produce.
Support for hydro-electric projects in North East
The development of hydroelectric projects in the North Eastern states, which have the capacity to produce 62 GW of hydroelectricity, will receive equity support of Rs 4,136 crore, as further declared by the government.
It is anticipated that this clean energy project will greatly advance the country’s climate goals and spur economic growth in the Northeast.
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