— PHOTO: R. V. MOORTHY

ECONOMIC INTEGRATION: Union Commerce Minister, Kamal Nath (centre), greeting the Japanese Minister of Economy, Trade and Industry, Akira Amari, at an interactive session in New Delhi on Saturday. CEO of Hero Corporate Services, S. K. Munjal, looks on.

NEW DELHI: Work on the Delhi-Mumbai industrial corridor, to be patterned on the lines of the Tokyo-Osaka industrial belt, will begin in January next year after the finalisation of the detailed project report, Commerce and Industry Minister, Kamal Nath, said after interacting with Japanese Trade Minister, Akira Amari, at a Confederation of Indian Industry (CII) function here on Saturday.

To be established with Japanese help, the Delhi-Mumbai Industrial Corridor (DMIC) project would need about $50 billion (about Rs. 2,15,000 crore) and come up along the proposed Delhi-Mumbai dedicated rail freight corridor, added Mr. Kamal Nath. Japan agreed to partner the project during Prime Minister Manmohan Singh's visit to Tokyo in December last year.

The industrial corridor would have a mega power plant, three ports and six airports apart from connectivity with the existing ports, Secretary in the Department of Industrial Policy and Promotion, Ajay Dua, said while making a presentation on the project. The DMIC project would be funded through private-public partnership (PPP) and foreign investment. Apart from giving a grant, Japan would invest in the project.

The 1,483 km corridor will span six States — Delhi, Haryana, Uttar Pradesh, Rajasthan, Gujarat and Maharashtra — which would be made stakeholders. The project will be implemented by DMIC Development Corporation, which will float Special Purpose Vehicles to implement the projects.

Mr. Kamal Nath hailed Japan's role as the largest contributor of ODA (Overseas Development Assistance) to India and stressed that the DMIC project would significantly enhance bilateral trade and economic ties.

The Japanese Trade Minister said DMIC would accelerate Japanese investment in India, develop India's infrastructure sector, including industrial parks, roads, ports and rail connectivity along the routes and facilitate exports from the regions covered by the corridor. He said a high-level business delegation would visit India in July to look for opportunities.

Printer friendly page  
Send this article to Friends by E-Mail