Invest Karnataka 25: First phase of Tumakuru’s Industrial Smart City to be completed by 2026-end: Minister Piyush Goyal

PM Modi laid the foundation stone of South India’s first industrial corridor project at Tumakuru, spread over 8500 acres under the Chennai-Bengaluru Industrial Corridor (CBIC).

At Invest Karnataka 25, the three-day Global Investor Meet (GIM), Union Commerce and Industries Minister Piyush Goyal on Wednesday announced that the first phase of Tumakuru’s Industrial Smart City project is set to be completed by the end of next year.

The smart city, covering a sprawling 8,000 acres, has already begun operations under the innovative Play and Plug model an industrial infrastructure concept designed to provide ready-to-use facilities, reducing setup time and costs. In the past year, the government has allocated Rs 11 lakh crore for infrastructure development.

The first phase, spanning 1,736 acres, is expected to be completed by the end of 2026, the minister said. Prime Minister Narendra Modi laid the foundation stone of South India’s first industrial corridor project at Tumakuru, spread over 8500 acres under the Chennai-Bengaluru Industrial Corridor (CBIC), in February 2023. The Central Government, through the National Industrial Corridor Development and Implementation Trust (NICDIT), and the state government, through the Karnataka Industrial Area Development Board (KIADB), have jointly taken up the development of the industrial township at Vasanthanarasapura, spread across 8,500 acres in three phases in Tumakuru district through the project’s Special Purpose Vehicle (SPV).

The CBIC project includes the development of industrial townships at three nodes: Krishnapatnam (Andhra Pradesh), Tumakuru (Karnataka), and Ponneri (Tamil Nadu). The Tumakuru node has been prioritised for development, with an area of 1736.20 acres identified as the priority development area. 

The first phase of the project is expected to generate employment opportunities for approximately 88,000 people and attract investment of around Rs. 7,000 crore over five to six years, triggering growth and prosperity in the region. The project will be a mixed-use development comprising land uses like industrial, institutional, residential, commercial, green spaces, etc. making it a completely self-sustainable and resilient smart industrial city. 

This project is aimed at facilitating investments, fostering innovation, enhancing skill development, and building the finest manufacturing ecosystem. Target sectors are food products, textile and apparel, electronics, auto and auto components, pharmaceuticals, chemicals, engineering, general manufacturing etc. 

Goyal also said on Wednesday that with the continued cooperation between the Central and State governments, India would become a $30 trillion economy by 2047. 

He emphasised that the Central Government would fully support Karnataka in realising its economic potential. 'Invest Karnataka' awards presented to 15 firms During the GIM Invest Karnataka 25, Goyal presented the 'Invest Karnataka' awards to 15 businesses that have made significant contributions to the state's economic and industrial growth. Additionally, he unveiled the Karnataka Success Stories compilation, which highlights the state's industrial achievements. Minister Goyal highlighted India's growing reputation as a hub for investment, emphasising the country's strengths, including its democracy, demand, population, digitalisation, and diversity. 

He mentioned that India would soon see the development of 75 new airports, flight connectivity to 120 cities under UDAN-2, 114 waterways, doubling the existing number of ports, and 50 new tourist destinations. The initiatives will also benefit Karnataka, he said. 

India's export trade has reached $800 billion, with Karnataka playing a pivotal role in this achievement. The Central Government has earmarked Rs 20,000 crore for innovation, Rs 74,000 crore for the semiconductor mission, and Rs 2 lakh crore for industry incentives under the PLI scheme, he said. Piyush stated that Karnataka would lead the way in deep-tech, fintech, and future industries in the coming years. The Global Investors Meet will conclude on Thursday.