Reliance Industries Ltd. one of the top players in Indian business is going to make one of the largest economic zones in Asian in the northern Indian state of Haryana. The size of the economic zone will be 25,000 acres (10,100 hectares) and it will be near the capital Delhi. A cargo airport and a 2,000 megawatt power generation plant are among the major attractions for the foreign companies. Details are still sketchy about this project and hopefully I will be able to provide you more information within a day or two about this grand venture. The main goal of the project is to arrange world class facilities so that leading international companies feel encouraged to invest here. Reliance Industries' Chairman Mukesh Ambani is upbeat about the economic zone which "meets the standards of Fortune 500 companies." The main goal is to build an economic zone that can compete with such zones in China and Malaysia. Most probably, foreign companies will enjoy tax exemption facility if they set up their production plant here.
Of course, such an economic zone will increase the attraction of India to the foreign investors. However, this is not enough. Foreign companies will also want to see more financial reforms from the Indian government.
Government of Haryana state is providing the land with the hope that it will create thousands of jobs in the state. However, many farmers and villagers are going to lose their land and I just wish that these farmers and villagers receive fair compensation for the loss of their land and livelihood.
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Looking forward to reading more about this!
Posted by: Panda | June 19, 2006 11:22 PM | Permalink to Comment