Union Government approves NIMZ in in Kalinganagar, Odisha
The Union Government has given its final approval to setting up of National Investment & Manufacturing Zone (NIMZ) in Kalinganagar, Odisha.
It will come up on a massive area of 163 square kilometres and on completion will be the third NIMZ of India.
For execution NIMZ project, Union Ministry of Commerce and Industry has approved fund of Rs. 4241 crore. Of this total amount, estimated Rs. 3816 crore will be invested for the first phase of the project which will be completed by 2020.
NIMZ in Kalinganagar will create employment opportunities for around 1.5 lakh people. It will help Odisha grow as a manufacturing hub and also help Paradip port’s growth.
About National Investment & Manufacturing Zone (NIMZ)
Under National Manufacturing Policy (NMP), Union Government in 2014 had announced to set up 16 NIMZs to boost manufacturing sector.
Till 2013-14, 16 NIMZs were set up, 8 of them are along the Delhi Mumbai Industrial Corridor (DMIC). NMP aims to enhance the share of manufacturing sector in GDP to 25% and create 100 million employment opportunities over a decade.
Categories: Business, Economy & Banking