News Brief
Modi Cabinet Approves Krishnapatnam Industrial Corridor In Andhra Pradesh: What That Means For The State And The Region
- At the Krishnapatnam industrial corridor, nearly one lakh persons will get employment once the first phase is completed.
- Of this, at least 60,000 would be employed within the corridor itself.
(Representative image/Unsplash)
Last week, the Cabinet Committee on Economic Affairs (CCEA) approved the setting up of an industrial corridor at Krishnapatnam in Andhra Pradesh.
The CCEA, headed by Prime Minister Narendra Modi, has approved the project at an estimated cost of Rs. 2,139.44 crore. This comes when the Krishnapatnam port has witnessed nearly 20 per cent growth over the last few months.
A Press Information Bureau (PIB) statement said that the objective of setting up the industrial corridor is to create a greenfield of industrial cities with sustainable, “plug and play” (ready to start immediately,) and information and communication technology enabled utilities to facilitate investments in the manufacturing sector.
The industrial corridor will be self-sustained with world-class infrastructure, road and rail connectivity for freight movement to and from ports and logistic hubs along with reliable power and quality social infrastructure.
The project, part of the Government’s plan to create similar corridors across the country, is envisioned on the backbone of major transportation corridors such as Eastern and Western Dedicated Freight Corridors, Expressways and National Highways, proximity to ports, airports and junctions.
A feature of the industrial corridor is that developed land parcels will be ready for immediate allotment to attract investments. The industrial corridor programme is aimed at furthering the objective of “Atmanirbar Bharat Abhiyan”.
Besides Krishnapatnam, Tumakuru in Karnataka, which is part of the Chennai-Bengaluru Industrial Corridor (CBIC), will also see a similar project coming up.
The Krishnapatnam industrial corridor will now be an integral part of the CBIC.
The industrial corridors will provide adequate employment opportunities through new industries and industrialisation.
At the Krishnapatnam industrial corridor, nearly one lakh persons will get employment once the first phase is completed. Of this, at least 60,000 would be employed within the corridor itself.
The industrial corridor in Andhra Pradesh will also offer an opportunity for growth in Sri Potti Sriramulu Nellore district with nearby Sri City planning to attract $4 billion (Rs 29,000 crore) over the next four years.
Already, many global companies such as Pepsi, Cadburys and Alstom are functioning from Sri City, bordering Tamil Nadu.
The region will likely attract more foreign investments in view of the range options available for the industries there.
These units have access to at least four ports within a vicinity of 150 km, while the Chennai airport, from where there is connectivity to any part of the world, is less than 200 km away.
These options are apart from the national highways connectivity in the region either to the east, west, north or south.
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