India approves $3.6 billion to develop industrial parks to boost manufacturing

NEW DELHI: India’s cabinet approved spending 336.60 billion rupees ($3.63 billion) to develop 100 industrial parks, information minister Ashwini Vaishnaw said on Wednesday, in a move aimed at boosting the country’s domestic manufacturing capabilities.

The industrial parks will be developed through joint ventures with state governments and a state-run company, he said.

India’s industry secretary Amardeep Singh Bhatia said the government expects to develop about 33,000 acres of land for manufacturing over six years.

READ MORE: India’s October industrial output rises 0.4% y/y

Industrial parks ranging from 100 acres to 1,000 acres (40.5 hectares to 404.7 hectares) will be taken up for development with the government offering financial support of up to 10 million rupees per acre for core and social infrastructure, the official said.

India’s cabinet also approved 117 billion rupees for minimum support prices for cotton purchases for the 2023-24 crop season, minister Vaishnaw said.