Rs 286 Bn investment in National Industrial Corridor Programme

02 Sep 2024 CW Team

The strategy's core involves the development of integrated industrial corridors, which are designed to boost growth in the manufacturing sector and encourage systematic urbanization. These corridors, supported by strong multi-modal connectivity and developed in partnership with state governments, are anticipated to drive employment opportunities, economic growth, and broader socio-economic development nationwide.

The programme began with the launch of the Delhi-Mumbai Industrial Corridor (DMIC). The Delhi Mumbai Industrial Corridor Development Corporation (DMICDC) Ltd was established on 7th January 2008 as a Special Purpose Vehicle (SPV) under the administrative control of the Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce & Industry, with the primary mission of overseeing project development activities and coordinating the implementation of various initiatives under the DMIC.

It was reported that in December 2016, the DMIC Trust's scope was broadened, leading to its reconstitution as the National Industrial Corridor Development and Implementation Trust (NICDIT). Consequently, in February 2020, DMICDC Ltd. was renamed the National Industrial Corridor Development Corporation (NICDC) Limited, marking a significant milestone in India's flagship "National Industrial Corridor Programme," with NICDC being tasked with leading the development of multiple industrial corridor projects across the country.

NICDC's mandate includes overseeing project development activities for a wide range of initiatives, including investment regions, industrial areas, economic zones, industrial nodes, townships, integrated manufacturing clusters, and standalone or early-stage projects. It is also responsible for providing crucial support to various State Governments in these efforts.

Moreover, NICDC's role extends to comprehensive project development, which involves preparing master plans, feasibility reports, and detailed project reports. Additionally, it acts as a key intermediary in developing and establishing infrastructure projects, facilitating the creation and distribution of financial instruments, negotiating loans, and designing schemes for resource mobilization and credit extension for infrastructure development.

The National Industrial Corridor Development Programme has been described as India's most ambitious infrastructure initiative, aimed at shaping the future of urban and industrial development. The programme's objective is to establish new industrial cities as Smart Cities, where next-generation technologies are seamlessly integrated across various infrastructure sectors. By promoting the development of these advanced industrial hubs, the Indian Government is positioning the country to rival the world's top manufacturing and investment destinations. The strategy's core involves the development of integrated industrial corridors, which are designed to boost growth in the manufacturing sector and encourage systematic urbanization. These corridors, supported by strong multi-modal connectivity and developed in partnership with state governments, are anticipated to drive employment opportunities, economic growth, and broader socio-economic development nationwide. The programme began with the launch of the Delhi-Mumbai Industrial Corridor (DMIC). The Delhi Mumbai Industrial Corridor Development Corporation (DMICDC) Ltd was established on 7th January 2008 as a Special Purpose Vehicle (SPV) under the administrative control of the Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce & Industry, with the primary mission of overseeing project development activities and coordinating the implementation of various initiatives under the DMIC. It was reported that in December 2016, the DMIC Trust's scope was broadened, leading to its reconstitution as the National Industrial Corridor Development and Implementation Trust (NICDIT). Consequently, in February 2020, DMICDC Ltd. was renamed the National Industrial Corridor Development Corporation (NICDC) Limited, marking a significant milestone in India's flagship National Industrial Corridor Programme, with NICDC being tasked with leading the development of multiple industrial corridor projects across the country. NICDC's mandate includes overseeing project development activities for a wide range of initiatives, including investment regions, industrial areas, economic zones, industrial nodes, townships, integrated manufacturing clusters, and standalone or early-stage projects. It is also responsible for providing crucial support to various State Governments in these efforts. Moreover, NICDC's role extends to comprehensive project development, which involves preparing master plans, feasibility reports, and detailed project reports. Additionally, it acts as a key intermediary in developing and establishing infrastructure projects, facilitating the creation and distribution of financial instruments, negotiating loans, and designing schemes for resource mobilization and credit extension for infrastructure development.

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