‘Industrial hub to get Rs 1 lakh cr investment’ | india | Hindustan Times
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‘Industrial hub to get Rs 1 lakh cr investment’

india Updated: Dec 16, 2012 01:10 IST
HT Correspondent

Manesar, the industrial hub neighbouring the Millennium City, is projected to attract investment worth a whopping R1 lakh crore in the next seven years and become a centre for investors in north India, says an Assocham study.

'Manesar - golden city of Haryana', a report released in Gurgaon by the Associated Chambers of Commerce and Industry of India, says Industrial Model Township (IMT)-Manesar will also generate about 15 lakh skilled and unskilled jobs by 2020 and contribute around R10,000 crore to Haryana's kitty.

The bullish projections have been made in the wake of passage of the foreign direct investment (FDI) in retail bill in the Indian Parliament, allowing 100% investment in single-brand retail and 51% in multi-brand.

Industry leaders believe that surge in demand for warehouses, logistics and back offices will spruce up investments in IMT Manesar.

However, the bright prospects seem a little ill-placed in view of the infrastructure shortcomings in the township. The industrialists have often complained of power woes, water shortage and lack of reliable means of transport connecting the township with Gurgaon and Delhi.

Moreover, the ambitious 140-acre Manesar Information Technology Park launched in 2006 has had only a handful of takers. Developers claim that more than 90% of the offices in IT Park are lying vacant.

However, Gurgaon, which is 20 km from Manesar industrial area, does not figure in the list of over 50 cities where FDI in retail will come as its urban population falls short of the required 10 lakh-mark.

"There is space crunch in Delhi and city limits of Gurgaon. The available space, if any, is too costly. Businesses, especially service industry, will move towards Manesar which is already a hub of manufacturing units," said Sunil Dahiya, co-chairman, Assocham's national council on real estate.