The government has given a green signal for setting up the country’s first mega Coastal Economic Zone (CEZ) at the Jawaharlal Nehru Port in Maharashtra. The first mega CEZ will stretch across Nashik, Thane, Mumbai, Pune and Raigarh.
1. The move is expected to see an investment of Rs 15,000 crore in the first phase and will create more than 1.5 lakh jobs.
2. This would also help in creating an ecosystem around the CEZ that will help small and medium term companies to emerge and grow.
3. It is part of the Union government’s plan to develop 14 such industrial clusters in a bid to increase manufacturing activities and create more jobs.
4. Around 45 companies from the telecom, auto and IT sectors are soon expected to bid for 200 hectares of land to start manufacturing units in the zone.
5. According to the Ministry of Shipping, the Sagarmala Plan will substantially reduce export-import and domestic trade costs with minimal investment
6. The main aim of the project is to develop port infrastructure in India that will boost transport to and from ports.