The new metropolis will revolutionize Kerala's industrial landscape, Kerala chief minister.

Kerala Chief Minister Pinarayi Vijayan announced Thursday that the Union Cabinet, a key decision-making body at the national level, has approved a new industrial city in Palakkad, changing the state's economic landscape.
His statement came a day after the Union Government sanctioned 12 new industrial cities in ten states, including Palakkad in Kerala, on the model of Greater Noida in Uttar Pradesh and Dholera in Gujarat, to stimulate domestic manufacturing. In a post on 'X,' Vijayan stated that Palakkad Industrial City, expected to attract investments of Rs 10,000 crore and create over 55,000 employees, will now become a reality, promising a significant transformation of Kerala's industrial landscape.

Investors, including Bollywood senior star Amitabh Bachchan, whose family is said to have taken a stake, have shown a growing interest in the platform. The platform is now on the path to profitability as it prepares for its first public offering. "The State government's quick land acquisition efforts and our tenacity in obtaining Union Government clearance have now paid off. Kerala's industrial landscape will be altered with the Union Cabinet's approval for this critical Kochi-Bengaluru Hi-Tech #IndustrialCorridor component. #KeralaLeads," the Chief Minister stated.
On Wednesday, the Union Cabinet, chaired by Prime Minister Narendra Modi, accepted additional project proposals totaling Rs 28,602 crore under the National Industrial Corridor Development Programme (NICDP), a strategic initiative aimed at developing industrial corridors across the country. This includes the new industrial city in Palakkad, Kerala.

Investors have expressed an increased interest in the platform, including Bollywood senior star Amitabh Bachchan, whose family is said to have taken a stake. The platform hopes to become profitable as it prepares for its first public offering.