October 5, 2021
Selected States ato provide uninterrupted power and water supply and requisite amenities.
MITRA scheme will allow for selection of States through ‘challenge method’
Scheme was announced during the Union Budget 2021-22 and will look to increase FDI inflow.
Industrial Park Ratings System report ranked 41 industrial parks as ‘Leaders’ and 90 as ‘Challengers’
According to media reports, the Union Cabinet is likely to approve the development of seven Mega Investment Textile Parks (MITRA) over a three-year period. When approved the parks will be developed on 1,000 acres of land and will be equipped with state of the art Research & Development facilities and uninterrupted power and water supply. The parks are expected to attract a significant amount of Foreign Direct Investment (FDI) inflows to catalyze growth within the sector.
The MITRA scheme, which was announced during the Union Budget 2021-22 ,will enhance the competitiveness of the sector, reduce import dependency for raw materials and boost employment opportunities. States with the requisite infrastructure to host the textile parks are expected to be selected through a ‘challenge method’. As per the schemes, power supply, water supply and the providing of appropriate amenities remain the responsibilities of the selected States.
The Industrial Park Ratings System report by the Ministry of Commerce and Industry recently recognized 41 industrial parks as ‘Leaders’ across multiple infrastructural parameters. The meritorious parks hailed from regions including Uttarakhand, Rajasthan, Maharashtra and Gujarat. 90 parks across the States of Tripura, Madhya Pradesh, Uttar Pradesh, Tripura and Chattisgarh have been adjudged as ‘Challengers’ whereas 185 parks were placed in the category of ‘Aspirers’. The India Industrial Land Bank is expected to host Geographic Information System (GIS) based insights at a national level.