In-principle approval given for NIMZ in Telangana: Nirmala Sitharaman

NEW DELHI: The government has given in-principal approval to set up a national investment and manufacturing zone ( NIMZ) in Telengana.

It has the potential to create direct employment for 75,000 people and indirect for 1,50,000 persons, Commerce and Industry Minister Nirmala Sitharaman has said in her tweets.

"In-principle approval given for NIMZ in Districts: Ranga Reddy and Mehbubnagar, Telangana.

"Have the potential to create direct employment for 75,000 & indirect for 1,50,000 persons. They shall have a pharmaceutical industry focus," she said.

NIMZs are mega industrial zones with world class supporting infrastructure.

The National Manufacturing Policy provides for NIMZs, mega industrial zones with world class infrastructure. The government is offering a host of incentives like exemption from capital gains tax and liberalised norms to promote these zones.

The policy aimed at increasing the share of manufacturing sector in the country's economic growth to 25 per cent in a decade from the current 16 per cent and also create 100 million jobs.