Hyderabad, August 30, 2024 – The Indian Central Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi, has approved the establishment of a new industrial park under the National Investment and Manufacturing Zone (NIMZ) initiative at Zaheerabad, near Hyderabad, Telangana. This major development will span 3,245 acres and involves an investment of ₹2,361 crore.
Key Details of the CCEA Decision
The CCEA’s decision to establish this industrial park under the NIMZ initiative highlights the strategic significance of Zaheerabad due to its proximity to Hyderabad and well-developed infrastructure. The new park aims to attract both domestic and international investors by offering a favorable environment for manufacturing, technology-driven enterprises, and export-oriented industries.
Investment and Infrastructure Development
With an investment of ₹2,361 crore, the project will develop advanced infrastructure, including modern roads, a reliable power supply, water management systems, and efficient waste management solutions. This investment is poised to significantly enhance the industrial capacity of the region, positioning Telangana as a key hub for manufacturing and industrial activities in India.
Expected Benefits and Impact
The industrial park is expected to have several notable effects:
- Economic Development: The park is anticipated to drive substantial economic growth by attracting diverse industries, such as automotive, electronics, textiles, and pharmaceuticals, to the region.
- Job Creation: The project is projected to create over 50,000 direct and indirect jobs, providing significant employment opportunities for the local population and contributing to the region's economic prosperity.
- Boost to Exports: As part of a Special Economic Zone, the industrial park will benefit from various incentives, including tax exemptions and simplified regulatory processes, which are expected to boost export activities and enhance Telangana’s standing as a major manufacturing and export hub.
- Infrastructural Improvements: The development will lead to significant improvements in infrastructure in and around Zaheerabad, including better road connectivity, upgraded public services, and enhanced utilities, making the region more attractive for future investments.
Government’s Vision and Strategy
The Indian Central Government views the NIMZ as a critical element in advancing industrial growth and boosting exports. The new industrial park is part of a larger strategy to stimulate regional development, reduce economic disparities, and strengthen India’s competitiveness in the global market.
The Ministry of Commerce and Industry has stated that the NIMZ at Zaheerabad will serve as a model for future industrial parks across the country. The central government, in collaboration with the Telangana state government, is dedicated to ensuring the project’s timely completion and smooth operation to maximize its economic benefits.
Reactions from the State Government and Local Stakeholders
Telangana Chief Minister K. Chandrashekar Rao welcomed the CCEA's decision, describing the new industrial park as a transformative project for the region. “The establishment of this industrial park under the NIMZ initiative marks a significant milestone for Telangana’s industrial sector. It will not only create numerous jobs but also elevate the state’s economic profile by attracting substantial investments,” he said.
Local business leaders and industry associations have also praised the decision. The Telangana Chamber of Commerce and Industry (TCCI) expressed confidence that the industrial park will foster innovation and growth across various sectors, solidifying Telangana’s position as a leading industrial hub in India.
Looking Ahead
Following the CCEA’s approval, groundwork for the industrial park is set to begin soon. The government has assured all stakeholders of its commitment to a streamlined land acquisition process, swift regulatory clearances, and the rapid development of necessary infrastructure.
Conclusion
The approval by the Cabinet Committee on Economic Affairs to establish a new industrial park under the National Investment and Manufacturing Zone (NIMZ) initiative at Zaheerabad represents a significant step towards economic development in Telangana. Backed by an investment of ₹2,361 crore, this initiative is expected to transform the industrial landscape of the region, creating jobs, boosting exports, and significantly contributing to India's economic growth.
For additional information, consult Telangana Today and The Hindu Business Line (Telangana Today). Back
