Union Government gives nod for apex corridor development body

The Union Government has approved the re-designation of the Delhi-Mumbai Industrial Corridor Project Implementation Trust Fund (DMICPTF) as National Industrial Corridor Development & Implementation Trust (NICDIT).
NICDIT will be the apex body to oversee integrated development of all industrial corridors across the country. It will implement all the five proposed industrial corridors, together covering 15 States.

Key Facts 

• NICDIT will function under the administrative control of Department of Industrial Policy and Promotion (DIPP) i.e. Ministry of Commerce & Industry.
• It will also coordinate all efforts of Union Government for the development of industrial corridor projects and will monitor their implementation.
• It will help in bringing in holistic planning and development approach and sharing the learning from development of industrial corridors.
• It has is given permission to utilise financial assistance already sanctioned and an additional sanctioned amount of Rs 1,584 crore within the extended period up to 31 March, 2022.
• Besides, an Apex Monitoring Authority will be constituted under the chairpersonship of the Finance Minister to periodically review the activities of NICDIT and progress of the projects.
• It will consist of Minister 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.

NICDIT will implement all the five proposed industrial corridors, together covering 15 States. The Delhi-Mumbai Industrial Corridor, the first of the planned corridors, is under development. Other four corridors Bengaluru-Mumbai Economic Corridor, Chennai-Bengaluru Industrial Corridor, Amritsar-Kolkata Industrial Corridor and Vishakapatnam-Cheenai Industrial Corridor are in various stages of planning.

Month: Current Affairs - December, 2016