India’s cabinet approved spending 336.60 billion rupees ($3.63bn) to develop 100 industrial parks, information minister Ashwini Vaishnaw said yesterday, in a move aimed at boosting the country’s domestic manufacturing capabilities.
The industrial parks will be developed through joint ventures with state governments and a state-run company, he said.
India’s industry secretary Amardeep Singh Bhatia said the government expects to develop about 33,000 acres of land for manufacturing over six years.
Industrial parks ranging from 100 acres to 1,000 acres (40.5 hectares to 404.7 hectares) will be taken up for development with the government offering financial support of up to 10 million rupees per acre for core and social infrastructure, the official said.
India’s cabinet also approved 117bn rupees for minimum support prices for cotton purchases for the 2023-24 crop season, minister Vaishnaw said.
The cabinet also approved the small hydro power development scheme for the period of 2026-27 to 2030-31 for the installation of small hydro power projects of an approximate capacity of 1,500 megawatts.
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