New Delhi: The Union Cabinet Committee on Economic Affairs has granted clearance for the Palakkad industrial smart city as part of 12 new projects under the National Industrial Corridor Development programme with an estimated investment of Rs 28,602 crores.
A total of Rs 3,806 crore will be spent in Palakkad alone. The project is expected to generate 51,000 jobs in the district as per the project document released by the Centre.
The project site is located close to the Kochi-Salem National Highway and will be the only industrial area to promote medicinal chemicals and botanical products. The other focus sectors for the Palakkad Industrial Smart City are non-metallic mineral products, rubber and plastic products, hi-tech industry, fabricated metal products and machinery and equipment.
Industries Minister, Shri P Rajeev said the project will bring development to the state and help generate more job opportunities. “This is the first node of the Kochi-Bengaluru Industrial Corridor. The state and its people are grateful for the Union government’s support of this project. The state government has spent Rs 1,789 crores and acquired 1,710 acres for the project at a record speed. The land acquisition was completed within 10 months. The Centre appreciated the state government for the speedy land acquisition process.”
“The detailed project report (DPR) and master plan have been approved, and the Union government has also given environmental clearance to the project. The tender papers are ready and the state government expects to call for tenders in a month,” he added.