Chandigarh, Jul 8 (IANS): To boost the economy, the Punjab cabinet here on Wednesday approved development of a modern industrial park and integrated manufacturing cluster (IMC) near Ludhiana and Rajpura, respectively, at a cost of Rs 1,600 crore each.

The two projects would help accelerate industrialisation and create jobs, said an official spokesperson after the cabinet meeting, chaired by Punjab Chief Minister Amarinder Singh through video link.

To be set up in 1,000 acres each, the projects will help prospective entrepreneurs and industrialists set up ventures. The land for the projects will be purchased by the Housing and Urban Development Department (HUDD) from panchayats.

The spokesperson said the Mattewara project near Ludhiana was being pursued by the Industries Department. The project site had been under consideration for the past several years.

However, considering the HUDD's capacity to raise finance and execute the project, the land was transferred to it.

The IMC near Rajpura in the Patiala district will be developed with the help of the National Industrial Corridor Development Corp.

To mobilise additional revenue, the cabinet gave the go-ahead to raise the mutation fee from Rs 300 to Rs 600. It will accrue nearly Rs 10 crore to the state exchequer.

The Chief Minister asked the Revenue Department to launch a campaign for clearing all pending mutations in the interest of landowners.