The Government has given a green signal for setting up India's first mega Coastal Economic Zone (CEZ) at the Jawaharlal Nehru Port in Maharashtra, that holds more than 40% of India's export-import volumes, to increase manufacturing activities and create more jobs. The first mega CEZ will stretch along north Konkan region spread across Nashik, Thane, Mumbai, Pune and Raigarh.
Approx 45 companies from the telecom, auto and IT sectors will bid for 200 hectares of land to start manufacturing units in the zone. The move will see an investment of Rs 15,000 crore in the first phase and will create more than 1.5 lakh jobs. The key objective of the project is to develop port infrastructure in India will boost transport to and from ports.
The move would also help to create an ecosystem around them that will help small and medium-term companies to emerge and grow. Last year, the Cabinet had approved setting up 14 mega CEZs under the National Perspective Plan of the Sagarmala Programme in 2016. According to the Ministry of Shipping, the Sagarmala Plan will substantially reduce export-import and domestic trade costs with minimal investment.
The project will lower cost of multi-modal logistics by as much as Rs 40,000 crore, boost productivity and is further expected to increase the country's GDP by two percentage points. These mega coastal economic zones are also expected to advance ease of doing business, provide speedy water and electricity connections, besides ease of exporting and importing.