2 MSME parks in India's Noida gain momentum; 812 investors buy land

20 Aug '21

2 min read

Pic: Shutterstock

The construction of two micro, small and medium enterprises (MSME) parks in the New Okhla Industrial Development Authority (Noida) area of Uttar Pradesh’s (UP) Gautam Buddha Nagar district has gained momentum with 812 investors buying land at the proposed sites to set up units at a cost of ₹2,345 crore. The initiative will offer employment to more than 42,800.

The two parks are being developed by the Yamuna Expressway Industrial Development Authority (YEIDA) as a model to boost the MSME sector.

The MSME Parks will provide facilities like business and shopping centres, incubation centres, hotels and restaurants, hostels, office blocks, health and fire stations along with factories and factory sheds.

These will also have better roads and power and water supply networks. A certification lab will also be set up. The parks will also feature storehouses, container and truck terminals, railway siding infrastructure and fuel stations.

The two will be followed by similar parks in Agra, Kanpur, Moradabad, Varanasi, Azamgarh and Gorakhpur, according to Indian media reports.

UP's MSME units constitute 14.2 per cent of the total MSMEs in the country and have been exporting goods worth more than ₹1.14 lakh crore annually for the last three consecutive years.

There will be a wide variety of companies at the parks making readymade garments, auto parts, food processing and printing units. The government will get revenue through GST on the products of these companies.

Fibre2Fashion News Desk (DS)

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