Kerala announces Rs 60,000 cr industrial corridor in PPP model near Vizhinjam international seaport

Kerala Budget

Vizhinjam port under construction. Photo: Biju Varghese/Mathrubhumi Archives

Thiruvananthapuram: Kerala Minister for Finance KN Balagopal asserted that the state government has been preparing to develop Vizhinjam International Port in line with the major ports around the world.

Vizhinjam can emerge as the largest transshipment container hub in the world as it is located in a sea route through which 30- 40 per cent of the global freight transport takes place, said the minister while presenting the Kerala budget 2023-24.

The minister also declared that an extensive industrial and commercial hub will be developed in the region surrounding the Vizhinjam port. A 66 kilometre-long ring road will be constructed from Vizhinjam to National Highway 66 in Navaikulam via Thekkada, while building another 12 kilometre-long ring road from Thekkada to Mangalapuram in the district. This will turn up as a major industrial corridor in the state, said KN Balagopal. A broad chain of commercial centres and residential facilities will evolve in the vicinity of this corridor, he added.

At least Rs 1,000 crore will be allotted via KIIFB for the land acquisition of the industrial corridor project for which a total expenditure of Rs 5,000 has been estimated.

The minister assured to develop industrial parks, logistic centres, residential regions with the participation of people residing at both sides of the proposed corridor. The developmental projects will be accomplished with combined efforts of government, private entrepreneurs and land owners, said Balagopal.

Developmental projects worth Rs 60,000 crore will be rolled out in the initial phase by utilising Public-Private Partnership and land pooling schemes.

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