The government will develop "plug and play" industrial parks in 100 cities across the country, partnering with states and private companies, announced Finance Minister Nirmala Sitharaman in her Budget speech on Tuesday. She also revealed that 12 industrial parks will be sanctioned under the National Industrial Corridor Development Programme.

"Our government will facilitate the development of investment-ready 'plug and play' industrial parks with complete infrastructure in or near 100 cities, in partnership with the states and private sector, by better using town planning schemes," Nirmala Sitharaman said.

Rajesh Jaggi, vice-chairman of real estate at Everstone Group, which backs Indospace, an industrial and logistics park developer, highlighted the transformative potential of this initiative. "Together with states and the private sector, this pioneering step has the potential to transform both industrial development and urban planning in a big way. These projects are going to serve as vibrant economic centres that drive development and innovation, poised to create a lasting impact," he said.

Manoj Purohit, partner and leader at BDO India, emphasized the benefits for the manufacturing sector. "The announcement for setting up 12 new industrial parks will boost the manufacturing sector and encourage new entrants to get easy entry into the space with much-needed financial support. It will also enhance employment opportunities and enable the banking sector to participate while financing the working capital needs," he stated.