Chennai-Kanyakumari Industrial Corridor Gets $451 Million Funding
The Chennai-Kanyakumari Industrial Corridor project has received a boost with the Asian Development Bank (ADB) approving $451 million funding. The overall cost of the project, which will connect southern parts in Tamil Nadu with the northern parts, is estimated to be $653.5 million.
According to the state government, the feasibility study for the project has already been done, and the construction work might start soon. The project is expected to be operational by 2024.
Also, in order to attract foreign investment under the Make in India programme, the government has announced that land and electricity would be made available to companies at a subsidised cost, along with other facilities essential for setting up the corridor.
It was in January 2019 when the Tamil Nadu government amended the Tamil Nadu Industrial Township Area Development Authority Act, 1997, to give way to one of the biggest infrastructural development programme in the state. A special purpose vehicle has already been created for industrial development.
The corridor will have six nodes, the Madurai-Virudhnagar-Dindigul-Theni node; the Thoothukudi-Tirunelveli node; the Cuddalore-Nagapattinam node (the proposed Petroleum, Chemicals and Petrochemicals Investment region); the Ariyalur and Perambalur node; the Tiruchirapalli-Pudukottai-Sivaganga node and the Ramanathapuram node (the proposed National Investment and Manufacturing Zone). Individual special authorities would be set up to monitor the progress of each of these nodes, apart from a dedicated authority for the overall project. Under Phase-I, the Madurai-Virudhunagar-Dindigul-Theni and the Thoothkudi-Tirunelveli nodes would be built at an estimated cost of Rs 91,000 crore.
According to the comprehensive development plan by the ADB, this corridor project is likely to generate more than 4.7 million additional jobs.
Cities such as Thoothukudi, Tirunelveli, Madurai, Tiruchy, Cuddalore, Thanjavur, Pudukottai, Manaparai Premabalur and Kariakudi have been earmarked as influence areas under the project.