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China to be become a partner in the proposed NIMZ in Andhra Pradesh

Jan 7, 2014 19:05 IST

China decided to be one of the partners in the proposed National Investment and Manufacturing Zones (NIMZ) in Andhra Pradesh on 6 January 2014. Chittor, Medak and Prakasam district of Andhra Pradesh will be the centre of the NIMZ.

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China would provide both technical and investment support . Each NIMZ was expected to attract an investment of 30000 crore rupees. The project under NIMZ will be supported by both Central and state government.

About NIMZ

National Investment and Manufacturing Zones (NIMZ) was proposed by Ministry of Commerce and Industry in 2010 in order to increase the overall share of manufacturing in Gross Domestic Product (GDP) of  India.

The objective is to increase the share of manufacturing to 25 percent by 2022 in the GDP of India.

To increase the rate of job creation so as to create 100 million additional jobs by 2022, to enhance global competitiveness, domestic value addition, technological depth and environmental sustainability of growth.

Under NIMZ there would be a provision for the creation of Special Purpose Vehicle (SPV).

If you have any Question/Point on the above information, please ask/discuss it in the Current Affairs Group.

Is this article important for exams ? Yes98 People Agreed
Read more Current Affairs on: China , NIMZ , Andhra Pradesh

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