The central government will create land banks to boost industrial development, Finance Minister Nirmala Sitharaman announced on Saturday, while releasing tranche 4 of Rs 20 lakh crore economic stimulus announced by Prime Minister Narendra Modi on Tuesday.
The scheme will be implemented in states through challenge mode for industrial cluster upgradation of common infrastructure facilities and connectivity, said FM Sitharaman.
She added that attempts have already started for upgradation of industrial infrastructure. "Industrial land banks, clusters have been identified long back and now using tech, we are ensuring these land parcels are identified," says FM.
The affordable industrial space is a long-pending demand of industries. In its budget recommendations to FM Sitharaman, MSME body Federation of Indian Micro and Small & Medium Enterprises (FISME) had urged for developing industrial space for small businesses that can be offered at affordable rates.