Union Cabinet approves Palakkad industrial city, part of National Industrial Corridor Development program, with ₹28,602 crore investment
The Union Cabinet Committee on Economic Affairs on Wednesday granted clearance for the Palakkad industrial city as part of “a grand necklace of industrial smart cities” comprising 12 new projects under the National Industrial Corridor Development programme with an estimated investment of ₹28,602 crore.
Union Minister of Commerce and Industry Piyush Goyal told the media at an online interaction that the Palakkad project had been given special dispensation regarding the area in which the industrial centre would come up considering the scarcity of land. The Palakkad industrial city will come up on 1,710 acres.
A press note issued by Industries Minister P. Rajeeve later in the day said the State government had acquired the land required for the project in record time. He said the Union Cabinet approval came in the wake of the State completing the preliminary works spending ₹1,790 crore.
“The Palakkad industrial smart city is the most important part of the Kochi-Bengaluru industrial corridor, which is expected to bring to Kerala investments to the tune of ₹10,000 crore... The State government had acquired 82% of the land required for the project in 2022 itself,” the Minister said.
“The project received permission from the National Industrial Corridor Development and Implementation Trust Board in December 2022 and environmental clearance from the Ministry of Environment, Forests and Climate Change in February 2024. The special purpose vehicle for the project is Kerala Industrial Corridor Development Corporation in which the State and the Central governments have 50% stake each,” he said.
“Once the master plan and the detailed project report are ready, the tender process will begin. Meanwhile, approval is awaited for the Global Industrial Finance and Trade (GIFT) City project, which is part of the industrial corridor,” the Minister said in the release.
(From: The Hindu)