Industrial corridors an important pillar, must move beyond approvals to investment and production: Sitharaman

New Delhi [India], August 17 (ANI): Union Minister for Finance and Corporate Affairs Nirmala Sitharaman has stressed that the focus must now move beyond project approvals towards timely completion of infrastructure, investment and commencement of production.
Sitharaman, who chaired the 3rd Meeting of the Apex Monitoring Authority of the National Industrial Corridor Development and Implementation Trust (NICDIT) in New Delhi, urged States to resolve bottlenecks relating to land, connectivity, utilities, statutory clearances and the powers of project Special Purpose Vehicles (SPVs).
The meeting reviewed the progress of projects under the National Industrial Corridor Development Programme (NICDP) and deliberated on priorities for the next phase of industrial corridor development.
Sitharaman said that Industrial Corridors are an important pillar of the Government of India's strategy to expand manufacturing, strengthen logistics competitiveness and create globally competitive industrial ecosystems.
She emphasised that the next pipeline of industrial land and infrastructure should be prepared well before the existing inventory is exhausted.
She also underlined the importance of convergence of Freight, Industrial Development, Railways and Expressways, the FIRE Corridors, for the success of the programme.
Union Minister for Commerce and Industry Piyush Goyal called for faster and outcome-oriented implementation of Industrial Corridor projects, with greater focus on timely investment and operationalisation.
Goyal stated that BHAVYA and future industrial developments should be aligned with PM GatiShakti and planned through an integrated area-development approach.
He called for focused investor outreach and stronger marketing of industrial nodes, including leveraging opportunities arising from India's Free Trade Agreements and exploring country- and sector-specific industrial enclaves.
The Minister emphasised the need to match investor requirements with suitable locations and develop ready-to-use industrial ecosystems with plug-and-play infrastructure, flatted factories, worker housing and supporting economic and social infrastructure. Such an approach, he said, would facilitate faster investment and commencement of operations.
The National Industrial Corridor Development Programme now covers 20 approved projects across 13 States and 7 Industrial Corridors.
Four industrial smart cities - Dholera, Shendra-Bidkin, Greater Noida and Vikram Udyogpuri - have entered the production stage.
So far, 469 plots covering approximately 5,348 acres have been allotted, with an estimated investment potential of around Rs 2.21 lakh crore and employment potential of approximately 1.29 lakh persons. 134 units are already in production, while another 95 units are under construction.
The Apex Authority underlined that the next measure of progress would be the speed at which completed and ongoing projects translate into active manufacturing centres, investment and employment.
The Apex Authority also reviewed the rollout of the Bharat Audyogik Vikas Yojana (BHAVYA), which envisages the development of 100 investment-ready, plug-and-play industrial parks across the country.
Against up to 20 projects proposed for approval in the first round, 87 applications have been received from States, reflecting strong interest in the scheme across the country. (ANI)