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First NIMZ allotted to Prakasam
Highlights
Centre instructs the State govt to transfer the identified 14,231 acres to the Special Purpose Vehicle within 18 months Centre asks AP to start the works in the 2,000 acres , which is readily available with the State government
Ongole: The first ever National Investment and Manufacturing Zone (NIMZ) in India is going to be established in Prakasam district.
Ongole MP YV Subba Reddy announced that the Central government has issued the final orders of allotment to the district on Monday.
He said in a statement that the Central government has issued directions to the State government to transfer the identified 14,231 acres of land to the SPV within 18 months of time frame.
It also asked AP to start the works in the 2,000 acres of land, which is readily available with the State government. The MP said that the Centre also informed the State that it is initiating the first phase of NIMZ with Rs 10,899 crore of investments and asked the State to complete the phase by 2020.
Subba Reddy said that the NIMZ would become an industrial hub in the State after completion of the project with Rs 4,37,000 crore of investments. It is expected to generate employment to 3 lakh people.
The Centre proposed to set up the National Investment and Manufacturing Zones (NIMZs) at various places across India four years ago as part of the National Manufacturing policy. They are expected to increase the GDP by 25 per cent within a decade.
NIMZ would be managed by an SPV set up by the State government which will have the power to enforce labour and environmental norms. As per the principle, the NIMZ also encourages SMEs and MSMEs and helps in Viability Gap Funding, which cannot exceed 20 per cent of the project cost.
The NIMZ would enjoy 100 per cent income tax exemption on export income for the first five years, 50 per cent for the next five years thereafter and 50 per cent of the ploughed back export profit for next five years. On the other side, the SMEs and MSMEs would have more incentives and tax benefits. The companies which adopt green technology and practices would have further more benefits.
The Prakasam district administration identified 14,920 acres of government and assigned land in Pamur and Pedacherlo Palli mandals for NIMZ, which would be equal to 60 square kilometres, of. About 2,000 acres of the identified land is announced as readily available for transfer to APIIC, the agency which would partner in the SPV on behalf of the State government.
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