Union Budget 2024-25 Proposes to Set up 12 “Plug and Play’ Industrial Parks under the National Industrial Corridor Development Programme

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Source:PIB

“Our government will facilitate development of investment-ready “plug and play” industrial parks with complete infrastructure in or near 100 cities, in partnership with the states and private sector, by better using town planning schemes.” - Nirmala Sitharaman, the Union Minister for Finance and Corporate Affairs

July 2024 : The FY 2024-25 Budget proposes the creation of 12 industrial parks under the National Industrial Corridor Development Programme. “Our government will facilitate development of investment-ready “plug and play” industrial parks with complete infrastructure in or near 100 cities, in partnership with the states and private sector, by better using town planning schemes,” proposed Nirmala Sitharaman, the Union Minister for Finance and Corporate Affairs.

Prioritizing the ‘Manufacturing & Services’ sector, the Union Budget 2024-25 also proposes to set up a Critical Mineral Mission for domestic production, recycling of critical minerals, and overseas acquisition of critical mineral assets. Its mandate will include technology development, skilled workforce, extended producer responsibility framework, and a suitable financing mechanism.

With a focus on offshore mining of minerals, the Union Finance Minister proposed to launch the auction of the first tranche of offshore blocks for mining, building on the exploration already carried out.