Accord to NIMZ in Telangana: Sitharaman

Accord to NIMZ in Telangana: Sitharaman
Highlights

In a significant policy decision, the Union government has extended an accord to set up a national investment and manufacturing zone (NIMZ) in the newly formed Telengana state. The decision was tweeted by the Commerce and Industry Minister Nirmala Sitharaman on Thursday.

It has potential to create direct, indirect employment of 75,000 and 1,50,000, respectively

New Delhi: In a significant policy decision, the Union government has extended an accord to set up a national investment and manufacturing zone (NIMZ) in the newly formed Telengana state. The decision was tweeted by the Commerce and Industry Minister Nirmala Sitharaman on Thursday.

"In-principle approval given for NIMZ in Districts: Ranga Reddy and Mehbubnagar, Telangana. "Have the potential to create direct employment for 75,000 & indirect for 1,50,000 persons. They shall have a pharmaceutical industry focus," she said.

Sources said, the proposed industrial zone is expected to attract an investment of over Rs 40,000 crore and eventually would generate over 3 lakh direct and over 4 lakh indirect employment opportunity in the next five to seven years.

NIMZ is a Central sponsored project and is being taking shape in about 16 such zones across the country. These mega industrial zones will get world class supporting infrastructure.

According to the National Manufacturing Policy will provide for NIMZs -- mega industrial zones, with world class infrastructure. Besides, the government is offering a host of incentives like exemption from capital gains tax and liberalised norms to promote these zones.

The policy is aimed at increasing the share of manufacturing sector in the country’s economic growth to 25 per cent in a decade from the current 16 per cent and also creates 100 million jobs.

Sources said that the Telangana government has already initiated acquisition of land to establish the NIMZ. It is proposed to be developed in over 12,000 acres and about 4,000 acres are in the State’s possession, while a chunk of land is in the hands of private parties or Wakf board.

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