Industrial Development Current Affairs
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India and Japan signed Loan Agreement worth Rs. 1817 crore for construction of Turga Pumped Storage (I)’ Hydel Project. On completion, this project will contribute to Industrial Development and Living Standard Improvement in the West Bengal.
This loan agreement was signed between Union Ministry of Finance, Government of India and Mr. Katsuo Matsumoto, Chief Representative Japan International Cooperation Agency (JICA). The objective of project is to strengthen capability to respond to fluctuation in supply and demand of power. It also seeks to improve stability of power supply by constructing pumped storage facilities, thereby contributing to industrial development and improvement of Living Standard of people in West Bengal.
India and Japan have long and fruitful history of bilateral development cooperation since 1958. In the last few years, the economic cooperation between India and Japan has steadily progressed, which has further consolidated and strengthened Strategic and Global Partnership between them.
The Odisha Government is creating 1.2 lakh acre land bank across state for allocation to industrial sector in order to avoid repeat of Posco fiasco.
The purpose of the land bank is to cut red tape and avoid local issues in the land acquisition process. Under it, state government is acquiring government land for industrial use.
The land bank is based on plug-and-play kind of model wherein facilities related to water, power, roads and all clearances are in place. The companies need to only make payment of base premium upfront for land and annual rent for rest of the 90 years lease period.
State government has created huge land bank and has identified areas across state to bring under one umbrella for industrial sector. Its land bank already has reached 57,655 acres. With creation of land bank, state industry department is looking for investment in various sectors including steel, aluminium, agro and food processing units, apparel, IT and plastic units to further create employment potential in the state.