The State government has given emphasis on implementing major infrastructural development projects including the Kochi-Palakkad hi-tech Industrial Corridor Project in the budget, by allocating substantial funds to acquire 2,000 acres land in Palakkad.
The first phase of the project is expected to attract total investment of ₹10,000 crore and generate over 22,000 jobs directly, said Alkesh Kumar Sharma, Principal Secretary (Industries), who is heading the Kochi-Bengaluru Industrial Corridor project.
The National Industrial Corridor Development and Implementation Trust (NICDIT) has already approved the State’s project “Kochi-Palakkad Hi-Tech Industrial Corridor” as a part of Chennai-Bengaluru Industrial Corridor Project, he said.
The corridor seeks to optimise the economic and employment potential by stimulating investments in manufacturing, agro-processing, services and export-oriented units. Integrated manufacturing clusters will come up along the corridor that will boost the manufacturing activities including IT, biotechnology and life sciences. It is expected that Phase-1 of the project will commence in this financial year.
The SPV will have participation of KSIDC and KINFRA. To implement the project, around 2,000 acres has been identified by KINFRA in Palakkad. Out of which 1,000 acres needs to be acquired using plan fund and the remaining 1,000 acres through KIIFB fund.