Post News Network
Bhubaneswar, May 13: Central government has given its final nod to upcoming National Investment and Manufacturing Zone (NIMZ) at Kalinganagar, sources in the know said.
The approval was received in a recent meeting under the chairmanship of secretary of Department of Industrial Policy & Promotion (DIPP). An official of the Industrial Infrastructure Development Corporation (IDCO) told Orissa Post that managing director of the corporation Sanjay Singh made a presentation before DIPP in this regard.
Earlier, the state government has sought final approval for the proposed NIMZ at Kalinganagar in Jajpur district which will come up at an investment of Rs 10,000 crore. In-principle approval was accorded by DIPP in August 2015.
The zone, which will come up over 163 square kms, will be developed in three phases in 15 years. While around Rs 5,000 crore of investment is likely to come from the Centre, the rest will be invested by the state and private partners.
As per initial estimates, NIMZ is expected to attract investment worth Rs 1.1 lakh crore and generate huge employment in the state. The manufacturing zone is expected to attract investment from varied sectors like metal and mines, automotive, steel and downstream industries among others.
The National Manufacturing Policy has provisions for setting up of NIMZs, which will be mega industrial zones with world class infrastructure. The government is offering a host of incentives like exemption from capital gains tax and liberalized norms to promote these zones. NIMZs are likely to supplement government’s effort to raise the share of manufacturing sector in the country’s GDP to 25 per cent in a decade from the current 16 per cent with creation of 100 million jobs.
