MPIDC to construct Indore-Pithampur Economic Corridor; industrial & residential area to come up soon
With an aim of becoming the commercial capital of India, the Madhya Pradesh state administration last month approved the development of an Economic Corridor between Indore and Pithampur. MPIDC's proposal for an 18 km long and 75 meter wide Economic Corridor is touted to improve connectivity between Indore and Pithampur via Tihi on NH-3. Along with this other projects that have been approved include a Multimodal Logistic Park in Pithampur and Ratlam Investment Region.
Targeting an investment of ₹20,000 crores
As per the reports, 300 metres of the area on both sides of the road will be developed as the investment region. Businesses and industries like hotels, green industries, sports complexes, etc. will occupy this space, bringing in an investment of over ₹20,000 crores. However, the detailed plan for the project’s financial model is still in works.
Since the region will be occupied by varying industries, it is also expected that this investment corridor will create nearly 1 lakh employment opportunities for people. Apart from that, the plan also suggest the development of residential areas along the road.
As per the MPIDC officials, the project will occupy nearly 1,100 hectares of land. Landowners and farmers who own land on the designated area will be compensated with cash or developed land plots at different locations.
Other projects aimed at industrial development & business investments in pipeline
The Ratlam Investment Region will be similarly developed as the investment region along the Economic Corridor. This project will take 1800 hectares of land along the Delhi-Mumbai Expressway. Commercial activities on this patch will further increase the employment opportunities for both locals and outsiders.
On the other hand, the Multimodal Logistic Park in Pithampur will be developed collaboratively by the NHAI and the state government. MPIDC officials are yet to review claims and objections for the three projects.