Maharashtra Approves ₹6,500 Crore ‘New Nagpur’ Business Hub

Project promises 5 lakh jobs and positions Vidarbha as an investment magnet

Mumbai/Nagpur, Sept 4:

The Maharashtra government has cleared a ₹6,500 crore mega-project aimed at transforming Nagpur into a hi-tech business and financial hub. Dubbed “New Nagpur,” the project envisions an International Business and Finance Centre (IBFC), knowledge parks, industrial clusters, and underground utility corridors.

Backed by a ₹6,500 crore loan from HUDCO, the project will allocate ₹3,000 crore for land acquisition and ₹3,500 crore for infrastructure. Officials estimate the development could create over 500,000 jobs in sectors such as IT, financial services, logistics, and manufacturing.

Chief Minister Eknath Shinde said the project would act as a magnet for global investors. “Nagpur’s strategic location at the heart of India makes it ideal for becoming a hub of business and commerce. New Nagpur will not only stop talent drain but also attract world-class enterprises,” he said.

Urban planners note that the project reflects India’s growing emphasis on balanced regional development, moving beyond metros like Mumbai and Bengaluru. The proposed IBFC will also offer single-window clearance to reduce red tape, a measure expected to help SMEs and startups set up operations quickly.