Twelve New Plug & Play Industrial Parks To Be Developed

Focusing on India’s industries, Union Finance Minister Nirmala Sitharaman, announced that twelve new industrial parks will be developed under the National Industrial Corridor Development programme in her Budget speech for 2024-25. These parks will be equipped with complete infrastructure and ‘plug and play’ parks will be sanctioned in or near 100 cities, said Sitharaman.

The announcement for the set-up of 12 new industrial parks will boost the manufacturing sector and encourage new entrants to get easy entry into the space with much-needed financial support. It will also enhance employment opportunities and enable the banking sector to participate while financing the working capital needs.

“Industrial parks with complete infrastructure in or near 100 cities will be developed. Twelve industrial parks under the National Industrial Corridor Development programme will also be sanctioned,” said Sitharaman.

The National Industrial Corridor Development Programme is Centre’s infrastructure programme to new industrial cities as “Smart Cities”, equipped with new technologies. The oldest such corridors are Delhi Mumbai Industrial Corridor (DMIC) and Western Dedicated Freight Corridor, which are India’s transportation backbone. This is the seventh budget speech presented by Sitharaman and her second term as Union Finance Minister. After being awarded the people’s mandate for the third term in June, this is also the first budget of the National Democratic Alliance (NDA) after the 2024 Lok Sabha elections