India seeks ADB support in industrial corridors

India Friday asked the Asian Development Bank (ADB) to support the development of its planned industrial corridors especially the Delhi-Mumbai Industrial Corridor (DMIC), which is estimated to cost over $90 billion.

Addressing a business session of the ADB board of governors' here, Finance Minister P. Chidambaram said in addition to the DMIC, India plans to develop other import economic corridors in different parts of the country, including the Chennai-Bangalore and Mumbai-Bangalore corridors.

"Developing economic corridors that connect lagging states to economically dynamic states holds considerable potential for achieving high and inclusive growth," he said.

"We invite ADB to carry out an in-depth exploration of how it could employ its expertise in energy, logistics, urban, and skills development around a few such economic corridors," said Chidambaram, who is chairing the 46th annual meeting of the ADB.

He also suggested the development of economic corridors linking India, Bangladesh, Myanmar and China, with ADB's partnership.

"In order to realize their full potential, these economic corridors should also be part of broader regional economic corridors and regional integration efforts. ADB can not only partner in these efforts but also actively pursue the potential of a corridor linking India, Bangladesh, Myanmar, ASEAN and China," he said.