The Union government has cleared a fund of ₹1,701.81 crore for the Tumakuru Industrial Area, under the Chennai-Bengaluru Industrial Corridor (CBIC) project, which is expected to create jobs for 88,500 people.
The Cabinet Committee on Economic Affairs, chaired by Prime Minister Narendra Modi, has approved the Department of Promotion of Industry and Internal Trade proposals for building the Tumakuru Industrial Area.
Responding to the development, Jagadish Shettar, Minister for Large and Medium Scale Industries, said on Thursday that this landmark decision would boost the employment and economic opportunities in the southern region. “This investment will also act as a catalyst to attract more FDI and ensure the overall development of Tumakuru and surrounding districts,” he said.
Creating jobs
Once fully operational, the Tumakuru node under the CBIC is expected to provide employment opportunities to an estimated 88,500 people, of which 17,700 will be from service industries such as retail, offices, and other commercial opportunities in the initial development phase. “Keeping the investor-centric approach, our government has also launched the New Industrial Policy 2020-25 to build a prosperous Karnataka and create large-scale employment opportunities. This industrial policy is very forward-looking and brings several incentives and regulatory reforms such as land access and labour market regulation,” Mr. Shettar said.
According to him, Karnataka has been an attractive investment destination for a while and is one of the most industrially advanced States in India. Today, Karnataka is a nearly $250-billion economy and is still growing. The State has traditional strength in various industries such as machine tools, automobile, electronics, aerospace and defence, and biotechnology, he added.
