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Delhi-Mumbai industrial project set to take off

Staff Reporter

Japan is the major financier for the corridor

— Photo: Shanker Chakravarty

UPBEAT: Japanese Minister of Economy, Trade and Industry, Akira Amari (left), shakes hands with Sunil Kant Munjal (right), Managing Director, Hero Corporate Services, during a Delhi-Mumbai Industrial Corridor meeting in New Delhi on Monday. Union Minister of Commerce and Industry, Kamal Nath, looks on.

NEW DELHI: Union Commerce and Industry Minister Kamal Nath on Monday said the ambitious $90 billion Delhi-Mumbai Industrial Corridor (DMIC) project was at an advance stage of finalisation. Thanking Japan for supporting the project, Mr. Kamal Nath said it would become yet another fine example of Indo-Japanese collaboration.

Addressing a press conference here after the Indo-Japan CEO meeting that was attended by Japan’s Minister of Economy, Trade and Industry Akira Amari, Mr. Kamal Nath said the project would have world class infrastructure and generate over 30 lakh new jobs. Japan is one of the major financiers of the 1,483 km corridor that would spread between Dadri in Uttar Pradesh and the Jawaharlal Nehru Port in Mumbai.

Mr. Kamal Nath, however, sought a change in the alignment of the DMIC project to include Madhya Pradesh. Stating that a similar project would come in the Eastern States following demands by the State governments, Mr. Kamal Nath said the project would include special economic zones.Mr. Amari said the funds for the project would come from Japanese loans, investment by Japanese firms and through Japan depository receipts issued by Indian companies besides contributions from the Indian and State governments. “It would be beneficial for Japanese enterprises also that can look forward to making India their export hub for Europe and other nations,” he added.

In the first phase of the project, a total of five investment regions and a similar number of industrial regions would be set up in Uttar Pradesh, Haryana, Rajasthan, Gujarat and Maharashtra. The first phase is scheduled to be completed by 2012. The concept paper for the project would be finalised before the visit of Japanese Prime Minister Shinzo Abe to India in August and work on the first phase would begin by January 2008.

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