The union cabinet chaired by Prime Minister Narendra Modi today approved the expansion of the mandate of Delhi Mumbai Industrial Corridor Project Implementation Trust Fund (DMIC-PITF Trust) and its re-designation as National Industrial Corridor Development & Implementation Trust (NICDIT) for development of Industrial Corridors with a green signal to use financial assistance already cleared and sanction of extra amount of Rs.1584 crore within extended period of March 31, 2022.
There has already been an 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. More sum of Rs. 1584 crore for project development activities of four additional corridors and NICDIT’s administrative expenses upto March 31, 2022 has been provided.
The five Industrial corridors at present covers Punjab, Haryana, Uttar Pradesh, Uttarakhand, Bihar, Jharkhand, West Bengal, Madhya Pradesh, Rajasthan, Gujarat, Maharashtra, Karnataka, Andhra Pradesh, Tamil Nadu.
NICDIT would be a main body under the control of DIPP for development of all the industrial corridors in the country. It will also channalise government funds and also institutional funds while ensuring that several corridors are planned properly and implemented keeping in mind the broad national perspectives on industrial and city development, and will support project development activities, approve and sanction projects. It will also coordinate all efforts by the Centre for the development of Industrial Corridor projects and will monitor their implementation.
