According to an ET article, the government of India is planning an Rs 1-lakh-crore plan to set up mega national employment zones across the country at the aim of providing direct and indirect job opportunities to one crore youth over the next three years.
The proposal, which is being given the final shape by the shipping ministry in consultation with the NITI Aayog, is expected to be rolled out ahead of general elections next year and could help the government affirm its commitment towards job creation.
The shipping ministry has proposed setting up 14 national employment zones to be built in coastal states under the special purpose vehicle route.
“These zones will have 35 industrial clusters across sectors like food, cement, furniture, and electronics besides traditional labor-intensive sectors like garments, leather and gems and jewelry,” one of the sources told ET.
“Shipping ministry has moved a note to the expenditure finance committee (EFC) for approval following which a cabinet note will be floated for inter-ministerial consultation,” he said.
As per the initial estimation, setting up requisite infrastructure in these zones would require Rs 1 lakh crore, which will be shared by the Centre and states with the latter providing at least 2,000 acres of contiguous land for setting up such zones in each of the identified states.
Besides, India can also seek funding from multilateral agencies for the mega project going forward as it estimates these zones to attract an investment of up to Rs 4 lakh crore.
Infrastructure status to these employment zones will help facilitate industries in these zones to get long-term easy finance to set up bases and expand operations.