INDORE, May 3: Madhya Pradesh Chief Minister Mohan Yadav on Sunday laid the foundation of an ambitious economic corridor between Indore and Pithampur, with the government expecting to attract fresh investments of Rs 1 lakh crore through the project.
The corridor will connect with the Delhi-Mumbai Expressway, national highways, inland container depot and rail network, as well as Indore’s airport and cargo terminal, boosting industrial production and logistics, as per officials.
Yadav laid the foundation stone for the first phase of the economic corridor between the state’s financial capital, Indore, and the biggest industrial area, Pithampur, during a ceremony in Nainod village here.
“This corridor, falling under the Ujjain-Indore metropolitan region, will prove a milestone towards the state’s economic empowerment,” he said.
The state government is developing 48 new industrial parks and six expressways to accelerate development, the CM informed.
Yadav said investment projects of over Rs 9 lakh crore have materialised during his government’s tenure.
Madhya Pradesh is among the states witnessing the fastest pace of new industrial establishments in the country, he noted.
The state government is making farmers partners in industrial development, the chief minister stressed.
He said the government has decided to provide farmers with compensation at four times the rate of land in lieu of acquisition.
The total cost of the Indore-Pithampur economic corridor is about Rs 2,365 crore. The first phase involves the construction of a 20-km-long and 75-metre-wide road at a cost of over Rs 350 crore, as per officials.
The project is expected to attract investments of Rs 1 lakh crore in sectors including information technology (IT), information technology-enabled services (ITeS), financial technology (fintech), data centres, global capability centres (GCC), green industries and knowledge-based industries, they said.
The investments will generate direct and indirect employment for six lakh people, the officials said.
The project, spread over about 1,316 hectares, will see planned development within 300 metres on both sides of the main road, including industrial, commercial and residential hubs, they added. (PTI)
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