On September 14, 2023, in Bina, Madhya Pradesh, Prime Minister Narendra Modi initiated a series of development projects valued at over Rs. 50,700 crore (US$ 6.11 billion). These projects encompass various sectors, including power, renewable energy, information technology, and industrial parks.
One of the prominent projects is the Petrochemical Complex at Bina Refinery, a venture by Bharat Petroleum Corporation Limited (BPCL), with an estimated cost of Rs. 49,000 crore (US$ 5.91 billion). This complex will produce vital components like ethylene and propylene, essential in industries such as textiles, packaging, and pharmaceuticals. Additionally, it will generate employment opportunities and stimulate downstream industries in the petroleum sector.
Another significant initiative is the “Power and Renewable Energy Manufacturing Zone, Narmadapuram,” projected to cost around Rs. 460 crore (US$ 55.5 million). This zone aims to bolster economic development and create jobs in the region. Indore is set to benefit from Rs. 550 crore (US$ 66.3 million) allocated for the construction of “IT Park 3 and 4,” which will enhance the IT and ITES sector while fostering youth employment.
In Ratlam, a Mega Industrial Park, budgeted at Rs. 460 crore (US$ 55.5 million), is poised to become a hub for significant industries like textiles, automobiles, and pharmaceuticals. Its strategic location along the Delhi-Mumbai Motorway will boost economic growth by offering employment opportunities.
Prime Minister Modi emphasized the significance of reducing imports and promoted the concept of Aatmanirbhar Bharat (self-reliant India). He noted India’s dependence on other countries for petrochemical products, petrol, and diesel and highlighted the Petrochemical Complex’s role in achieving self-sufficiency. He cited various plastic products as examples, underlining the crucial role petrochemicals play in their manufacturing.
Furthermore, the Prime Minister expressed confidence that the developments in Narmadapuram, Indore, and Ratlam would bolster Madhya Pradesh’s industrial prowess, benefiting all stakeholders.
