ALSO READ5 MoUs signed with Singapore and Hong Kong: Khattar Hong Kong, Singapore to link up trade finance blockchain platforms Hong Kong businessman and socialite David Tang dies Hong Kong, Singapore in talks to grab bigger share of derivatives business Investors 'upbeat' about Hry, India: Khattar after his return from Singapore, Hong Kong
The Cabinet today approved Rs 25,703 crore for development of an Exhibition-cum-Convention Centre at Dwarka here to put the national capital in the league of Shanghai, Hong Kong and Singapore in the area of exhibition market, an official statement said.
The Exhibition-cum-Convention Centre (ECC) and allied infrastructure will be developed in public private partnership (PPP) and non-PPP mode (including exhibition and convention spaces, arena, trunk-infrastructure, Metro/NHAI connectivity, hotels, office and retail spaces) by 2025.
"Phase-1 of the project comprising trunk infrastructure along with exhibition cum convention centre will be implemented and commissioned by December 2019," said the release issued after the Cabinet meeting.
Phase-1 will be implemented as non-PPP component.
Phase-2 of the project, comprising the remaining exhibition area, will be implemented by 2025. The components comprising hotels, retail space and offices will be implemented in PPP mode.
It is estimated that the proposed ECC facility, once fully operational, will infuse a demand for more than 100 major international and local exhibition events annually, the release said.
The number of persons visiting the exhibition facility annually (paying visitors) is estimated to be more than 10 million in the first phase (2019-20) and 23 million after completion of the second phase (2025).
Similarly, convention based delegate attendance is estimated to cross 1.5 million annually after successful completion of the second phase of the project.
"Project is estimated to generate over five lakh direct and indirect employment opportunities. The job creation will happen in core ECC facilities as well as in supporting ECC land uses like retail, office and hospitality," it added.
Giving further details, the release said the government will create a Special Purpose Vehicle (SPV) for the implementation and development of the project with 100 per cent equity from the government through the Department of Industrial Policy and Promotion.
Government of India will provide budgetary support of Rs 2,037.39 crore to the SPV as equity over a period of three years to fund trunk infrastructure, a part of exhibition centre, foyer, convention centre, metro connectivity, NHAI road connectivity, among others.
Conferences and exhibitions are vital links to connect local manufacturers with global buyers and to serve as a platform for exchange of business ideas.
"India lacks an integrated world class facility which can meet the requirements of global exhibition-cum convention operators in terms of space, project facilities, transportation linkages at a large scale.
"Development of ECC Centre at Dwarka accompanied with supporting components, once fully operational is expected to bring New Delhi in the league of Shanghai, Hong Kong and Singapore in the area of exhibition market," the release said.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)