The Union Finance Minister Shri Arun Jaitley while presenting his first Budget in Parliament today, announced that a National Industrial Corridor Authority, with its headquarter in Pune, is being set-up with an amount of ₹ 100 crore, to coordinate the development of industrial corridors with smart cities linked to transport connectivity. The Finance Minister has also announced that the Amritsar Kolkata Industrial Master Planning will be completed expeditiously for the establishment of Industrial Smart cities in seven States in this corridor.

The Finance Minister said that the Master planning of three new smart cities in the Chennai-Bengaluru Industrial Corridor region, viz., Ponneri in Tamil Nadu, Krishnapatnam in Andhra Pradesh and Tumkur in Karnataka will also be completed. The perspective plan for the Bengaluru Mumbai Economic Corridor (BMEC) and Vizag-Chennai corridor would be completed with the provision for 20 new industrial clusters.

The Finance Minister said that Kakinada, its adjoining areas and the port will be developed as the key drivers of economic growth in Andhra Pradesh with a special focus on hardware manufacturing.

The Finance Minister Shri Jaitley urged the States to play an active role in export promotion by providing good infrastructure and full facilitation. He proposed to establish an Export Promotion Mission to bring all stakeholders under one umbrella.

National Industrial Corridor Authority to coordinate industrial corridors and smart cities, with an Export Promotion Mission proposed. A National Industrial Corridor Authority will be established in Pune to coordinate industrial corridors and linked smart cities, with master planning expedited for the Amritsar-Kolkata corridor and three smart cities in the Chennai-Bengaluru corridor (Ponneri, Krishnapatnam, Tumkur). Perspective plans for the Bengaluru-Mumbai Economic Corridor and the Vizag-Chennai corridor will provide for new industrial clusters. Kakinada and its port will be developed as a hardware manufacturing driver, and an Export Promotion Mission is proposed to consolidate stakeholders and enhance export facilitation.