Cabinet nod to expand mandate of DMIC trust fund

Government today approved the expansion of the mandate of Delhi Mumbai Industrial Corridor Project Implementation Trust Fund and re-designated it as National Industrial Corridor Development & Implementation Trust for integrated development of industrial corridors.
The National Industrial Corridor Development & Implementation Trust (NICDIT) has been accorded permission to utilise financial assistance already sanctioned and an additional amount of Rs 1,584 crore has been sanctioned within the extended period up to 31 March, 2022.
The decision was taken at a meeting of the Union Cabinet chaired by Prime Minister Narendra Modi here.
"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 1,584 crore for project development activities of four additional corridors and NICDIT's administrative expenses up to March 31, 2022 has been provided," an official statement said.

NICDIT will also coordinate all central efforts for the development of industrial corridor projects and will monitor their implementation.
The five industrial corridors presently cover states including Punjab, Haryana, Uttar Pradesh, Uttarakhand, Bihar, Jharkhand, West Bengal, Madhya Pradesh, Rajasthan, Gujarat, Maharashtra, Karnataka, Andhra Pradesh, Tamil Nadu.

"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," the statement said.

NICDIT would be an apex body under the administrative control of Department of Industrial Policy and Promotion (DIPP) for coordinated and unified development of all the industrial corridors in the country.
It will channelise Government of India 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.
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.