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POSITIVE BREAKING

MANAGALURU, PLASTIC PARK PROJECT GETS FINAL APPROVAL

by Juhi Tripathi

Date & Time: Jan 24, 2022 3:00 PM

Read Time: 2 minute


HIGHLIGHTS:

• The Karnataka government recently approved the construction of a plastic park in Ganjimutt, Managaluru.
• The park will cost Rs 62.77 crores to build.
• To carry out the project, the KIADB will establish a special purpose vehicle under its control.

What is in the News?

The Karnataka government recently approved the construction of a plastic park in Ganjimutt, Managaluru. The park will cost Rs 62.77 crores to build. It will be constructed on property owned by the Karnataka Industrial Areas Development Board (KIADB).

Allocation of funds

The federal government will contribute 50 percent of the total anticipated cost of 62.77 crores of rupees, or 31.38 crores. The KIADB will be responsible for the remaining 50%.

What is the strategy?

To carry out the project, the KIADB will establish a special purpose vehicle under its control. KIADB is also a key promoter.

In the project, there are a lot of ifs and buts

The Ministry of Chemicals and Fertilizers, which is part of the Central Government, has established project implementation criteria.
If the project is not completed within three months, the funds will be redistributed to other worthy projects.

About the Plastic park

• Hundreds of jobs will be created for local kids as a result of the park.
• In the park, a polypropylene unit will be placed up. This plant will supply raw ingredients to the park's polymer and plastics businesses. Thermoplastic polymer polypropylene is a thermoplastic polymer. It is mostly utilised in the manufacture of plastic packaging.
• In addition, the park will aid in the reduction of transportation costs.
• This is due to the fact that the park will be home to 32 businesses. Entrepreneurs from other districts are included as well.
• The park will have an administrative building, an export building, and a warehouse facility, among other things.

Plastic Parks Initiative

The plastic parks can be considered as industrial zones. They play an important part in the expansion of machinery suppliers as well as plastic manufacturing, recycling, and processing businesses. So far, plastic parks have been established at Tamont village in Madhya Pradesh, Billaua village in Gwalior, Odisha, Pradeep village near Jagatsinghpur, Assam, Devipur in Jharkhand, and Voyallur in Tamil Nadu's Thiruvallur district.

Need for plastic parks

India accounts for less than 1% of global plastic exports. India has a major plastics sector. It is, however, severely fractured. The plastic parks will aid in the industry's consolidation.

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