Cabinet approves expansion of mandate of DMIC-PITF Trust

New Delhi [India], Dec. 7 (ANI): The Union Cabinet chaired by Prime Minister Narendra Modi on Wednesday gave its approval for the expansion of the mandate of Delhi Mumbai Industrial Corridor Project Implementation Trust Fund (DMIC-PITF Trust) and its re-designation as National Industrial Corridor Development & Implementation Trust (NICDIT) for integrated development of Industrial Corridors. The Cabinet also gave permission to utilize financial assistance already sanctioned and sanction of additional amount of Rs.1584 crore within extended period up to March, 2022. There is an existing approval for expenditure of Rs. 18,500 crore, out of which the unspent balance yet to be released to DMIC-PITF will be utilised by NICDIT. A further sum of Rs. 1584 crore for project development activities of four additional corridors and NICDIT's administrative expenses upto 31.03.2022 has been provided. The five Industrial corridors presently cover the states of Punjab, Haryana, Uttar Pradesh, Uttarakhand, Bihar, Jharkhand, West Bengal, Madhya Pradesh, Rajasthan, Gujarat, Maharashtra, Karnataka, Andhra Pradesh, Tamil Nadu. NICDIT would be an apex body under the administrative control of DIPP for coordinated and unified development of all the industrial corridors in the country. It will channelize Government of India (GOI) funds as well as institutional funds while ensuring that the various corridors are properly planned and implemented keeping in view the broad national perspectives regarding industrial and city development, and will support project development activities, appraise, approve and sanction projects. It will coordinate all central efforts for the development of Industrial Corridor projects and will monitor their implementation. DMICDC will function as a knowledge partner to NICDIT in respect of all the Industrial Corridors in addition to its present DMIC work, till Knowledge Partner(s) for other Industrial Corridors are in place. An Apex Monitoring Authority under the chairpersonship of the Finance Minister will be constituted to periodically review the activities of NICDIT and progress of the projects. It will consist of Minister-in-charge of Ministry of Commerce & Industry, Minister of Railways, Minister of Road Transport & Highways, Minister of Shipping, Vice-Chairman of NITI Aayog and Chief Ministers of States concerned as Members. The formation of the NICDIT will enable development and implementation of Industrial Corridor Projects across India by bringing in holistic planning and development approach and sharing the learning from development of Industrial Corridors, which will enable innovation in areas such as planning, design development and funding of such projects. This will help enhance the share of manufacturing in the country, attract investment in manufacturing and service industry sectors, which will have a catalytic effect on up-gradation and development of skills of the workforce and generation of employment opportunities. To accelerate the growth in manufacturing and for ensuring scientifically planned urbanization, the GOI has adopted the strategy of developing integrated Industrial Corridors in partnership with State Governments with focus on manufacturing. Five Corridors namely, Delhi Mumbai Industrial Corridor (DMIC), Chennai-Bengaluru Industrial Corridor (CBIC), Amritsar Kolkata Industrial Corridor (AKIG), Bengaluru- Mumbai Economic Corridor (BMEC) and Vizag-Chennai Industrial Corridor (VCIC) have been planned for development by Government of India. (ANI)