FDT #newscatchup - Indore: The in allotment of land for the proposed furniture cluster in Indore has impacted investment plans for many investors awaiting allotments for close to a year now, said industrialists demanding to expedite the process of cluster in the city.
Association of Furniture Manufacturers and Traders claimed that over 100 industrialists who have proposed to take land in the cluster have made a partial payment to Special Purpose Vehicle (SPV) formed to develop the cluster.
Association of Furniture Manufacturers and Trades Indore secretary Harish Nagar said, “Its been around a year and still we are waiting for land allotment. Our members have deposited the money and we have also paid partial payment to the department for the cluster. Delay is hitting investment plans of industries and increasing our liabilities.”
As per the new cluster policy under MSME Rule 2021, SPV will bring investment and MSME department will act as a facilitator. The development of cluster will be done by the SPV formed by industry members keen on putting facilities in the cluster. The proposed cluster will have a delay common facility center for testing, training, raw material depot, effluent treatment plant and other basic facilities to create an ecosystem for furniture makers.
According to the association, industries had demanded 150 hectare for the furniture cluster from the state government and the department gave around 50 hectare in the first phase but earmarking of land could not be done due to objections from the forest department and farmers on the identified land.
The association has claimed that the cluster will generate employment for over 12,000 people including skilled and semi-skilled.
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Source- ET Realty
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