Nagpur: In a major push towards urban and economic development, the Maharashtra Cabinet on Monday approved the creation of an International Business and Finance Center (IBFC) as part of the ambitious ‘New Nagpur’ project, to be executed by the Nagpur Metropolitan Region Development Authority (NMRDA).
As part of the plan, the state has also sanctioned the construction of an outer ring road encircling Nagpur city, which will be supported by four integrated traffic islands to serve as truck and bus terminals. For this purpose, about 692.06 hectares of land will be acquired in Godhani and Ladgaon villages of Hingna tehsil in Nagpur district.
Officials said the IBFC is envisioned as a hub for trade and financial services, placing Nagpur firmly on the national and international business map. The ring road, meanwhile, is expected to ease traffic congestion, divert heavy vehicles away from city roads, and improve regional connectivity.
The government has directed that land acquisition and related processes begin at the earliest, paving the way for industrial growth and urban expansion.
Seen as a transformative step, the project is expected to not only strengthen Nagpur’s position as a future financial hub but also address its persistent traffic woes, offering a dual boost to infrastructure and economic activity.
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