Measures for promotion of social, economic and industrial development

(1) The Authority shall take such measures, as may be necessary, for the promotion of social, economic and industrial development in the notified area. (2) For the purposes of sub-section (1), the Authority shall promote, collaborate in and facilitate the establishment of affordable hospitals, sports facilities, cultural centres, research institutions engaged or proposing to engage, in research into new knowledge areas, start up companies in new knowledge areas, skill development centres and such other institutions, as may be determined by the Authority. Explanation.— For the purposes of this Act, the words “new knowledge areas” shall mean such knowledge areas, innovation or enterprise as the Authority may, from time to time, determine and publish on the website of the Authority. (3) The Authority shall enable the establishment of a public trust under the provisions of the Indian Trust Act, 1882 (Central Act 2 of 1882) to be managed by the residents of the notified area with the support of the Authority to receive and utilise in the notified area, for the activities mentioned under Schedule VII of the Companies Act, 2013 (Central Act 18 of 2013), the sums required to be spent in pursuance of Corporate Social Responsibility Policy under the provisions of section 135 of the said Act. (4) The Authority shall facilitate the ease of doing business by such measures and ensuring such coordination as may be necessary for the purpose, as the Authority may, from time to time, decide: Provided that the State Government may, on the recommendations of the Authority and by notification, empower the Chief Executive Officer or any officer of the Authority, to exercise such powers and on such terms and conditions, as may be mentioned in the notification, as are exercised by any officer of the State Government or board under any State. (5) The Authority shall establish, promote or facilitate the establishment of common facilities for industries, services or business including logistics infrastructure. (6) The mechanisms of promotion, collaboration and facilitation under sub-section (2) shall be such, as may be specified by regulations.