The Karnataka government on Thursday welcomed the Central nod for Rs 1,701.81 crore for the Tumakuru Industrial Area under the Chennai-Bengaluru Industrial Corridor project.
The Cabinet Committee on Economic Affairs chaired by Prime Minister Narendra Modi had approved the proposal of Department of Promotion of Industry and Internal Trade (DPIIT) for constructing the Tumakuru Industrial Area on Wednesday.
"The central government has cleared Rs 1,701.81 crores for Tumakuru Industrial Area under the Chennai Bengaluru Industrial Corridor project and with an estimated employment generation of 88,500 persons. We thank the Central government for speedy clearance," Karnataka Minister for Large and Medium Scale Industries Jagadish Shettar said in a statement.
Calling it a landmark decision, Shettar said this will boost employment and economic opportunities in the region in the coming days.
This investment will also act as a catalyst to attract more Foreign Direct Investments and ensure the overall development of Tumakuru and surrounding districts, he added.
Shettar also wrote a letter to the Prime Minister thanking him for clearing the proposal.
In his letter, he said, "Tumakuru being in close proximity to Bengaluru possesses a high potential for industrial development."