Indian Economy News

Prime Minister Mr. Narendra Modi laid the foundation stone of projects worth over Rs. 50,700 crore (US$ 6.11 billion) in Madhya Pradesh

In Bina, Madhya Pradesh, the Prime Minister, Mr. Narendra Modi, laid the foundation stone of development projects worth more than Rs. 50,700 crore (US$ 6.11 billion) on September 14, 2023. A Power and Renewable Energy Manufacturing Zone in Narmadapuram district, two IT parks in Indore, a Mega Industrial Park in Ratlam, and six new industrial areas across Madhya Pradesh are among the projects.

The Petrochemical Complex at Bina Refinery of Bharat Petroleum Corporation Limited (BPCL) will be developed at a cost of approximately Rs. 49,000 crore (US$ 5.91 billion) and will produce about 1,200 Kilo-Tonnes Per Annum (KTPA) of ethylene and propylene, vital components for various sectors like textiles, packaging, and pharma, among others. The mega project will also create employment opportunities and spur the development of downstream industries in the petroleum sector.

The development of the "Power and Renewable Energy Manufacturing Zone, Narmadapuram," which is expected to cost roughly Rs. 460 crore (US$ 55.5 million) will be a step towards the region's economic development and job creation. An estimated Rs. 550 crore (US$ 66.3 million) will be spent on the construction of Indore's "IT Park 3 and 4," which will boost the IT and ITES sector and create new employment possibilities for the youth.

Mega Industrial Park in Ratlam, which would be constructed at an estimated cost of Rs. 460 crore (US$ 55.5 million) is intended to become a significant hub for important industries including textiles, automobiles, and pharmaceuticals, among others. The park will have excellent access to the Delhi-Mumbai Motorway and will significantly help the region's economic growth by creating job opportunities.

While addressing the gathering, he said that Bundelkhand is a land of warriors and claimed that the region's development would be given new energy by the projects.

The Prime Minister emphasised lowering imports while highlighting the significance of Aatmanirbhar Bharat. He also made note of how dependent India is on other countries for petrochemical products, petrol, and diesel. According to Mr. Narendra Modi, the Petrochemical Complex at the Bina Refinery will be a step in the right direction for Aatmanirbharta in the petrochemical sector. He also cited many plastic products as examples, including pipes, taps, furniture, paint, vehicle components, medical equipment, packing material, and agricultural equipment, and he said that petrochemicals play a key role in their manufacture.

Further, he said that the developments in Narmadapuram, Indore, and Ratlam will strengthen Madhya Pradesh's industrial capability, which will be to everyone's advantage.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.