Chandigarh, July 19 (KNN) Punjab is planning to develop three new industrial parks in the state which is likely to be set up in Rajpura, Kadian Khurd in Ludhiana and Wazirabad in Fatehgarh Sahib. In a span of 1,250 acres, the proposed industrial parks will be developed on the land of gram panchayat which is identified by the state.

Cities of Punjab like Ludhiana, Patiala, Jalandhar, and Amritsar are highly congested and thus, it is an alarming time to develop new industrial parks.

Funds for these proposed parks would come through internal accruals and proceeds from the sale of plots.

Taking the existing limitations into consideration, the state plans to set up Industrial Manufacturing Cluster (IMC).

It would be set up in 1,000 acres of land in Gram Panchayat of five villages of Rajpura under Amritsar-Kolkata Industrial Corridor (AKIC) Project.

The in-principle approval has been given to the project by the Punjab Industrial and Business Development Board.

On the subject of Second Park, the Punjab Small Industries & Export Corporation (PSIEC) has reportedly marked around 125 acres land of gram panchayat at Kadiana Khurd village. It is near upcoming Hi-tech Cycle Valley at Dhanansu village, Ludhiana.

Third Park would come in Wazirabad village in 133 acres land for which the panchayat has passed the resolution for transfer of land to establish the park. Ahead to this, the corporation has conducted a survey and identified land to linkage the park from National-Highway (NH) 44.

For the fixation of land, the matter has been taken ahead of Deputy Commissioner, Fatehgarh Sahib, and finalising the mode of payments by the District Level Price Fixation Committee, according to a media report.

Other than this, the state has also planned to develop in 800 acres of gram panchayat land in coming time to set up Plastic Park at Sangrur on 120 acres and Industrial Park at Kapurthala.

The PSIEC proposed to pay the all compensation amount in seven years. Though, the proposal is yet to get approval by the Cabinet. As the compensation for the cost of land has to be given over a period of time, it will not put an immediate financial burden on the corporation and it can fund the project from internal accruals and earning from sale proceeds.