US$ 90 Billion Delhi-Mumbai Industrial Corridor Project at an Advance Stage of Finalisation

The Delhi-Mumbai Industrial Corridor (DMIC) project, with an estimated investment of US $ 90 billion, is at an advance stage of finalisation. This was indicated by Shri Kamal Nath, Minister of Commerce and Industry, at the Indo-Japan CEO Luncheon Meeting here today, which he attended along with Mr. Akira Amari, Minister of Economy, Trade and Industry, and members of the Japanese business delegation.

Stating that DMIC will become yet another fine example of Indo-Japanese collaboration, Shri Kamal Nath referred to India’s successful experience with Japan in the development of the Delhi metro and said he was confident that the DMIC would add another successful chapter to the saga of Indo-Japan partnership in India.

"Stakeholders have taken a decision to set up 5 investment regions and 5 industrial regions, one in each state in the Phase I. The first phase is scheduled to be completed by 2012, in synchronization with the Dedicated Rail Freight Corridor. Later on, more such investment regions will be identified in consultation with the states. The approach in DMIC project is to work within the present system of policies and incentives and provide global quality infrastructure to spur the industrial growth further. Feasibility of infrastructure development will come by coverage of a large impact area and the excellent rail, road and port connectivity. We have set ourselves a project goal of doubling employment potential and tripling the industrial output", the Minister said, adding that the investment of US $ 90 billion would be spread over a 7-year period.

The project is expected to transform the industrial landscape across half-a-dozen Indian states leading to the rapid development of industrial as well as physical infrastructure along the route of the corridor.

Given the importance of this massive project and its positive economic fallout, especially in terms of employment, Shri Kamal Nath said: "I am of the view that though DMIC is a North-Western India specific project, such initiatives should not be restricted to a particular area, but replicated all over India. Other Indian states like West Bengal have already expressed their willingness to replicate this model and I expect initial studies on the proposed eastern India corridor to begin early next year. With India stepping up the pace of infrastructure development, I invite Japanese companies to utilise the investment opportunities arising out of India’s thrust on infrastructure. This is your chance to convert your investments into productive business opportunities".

Today’s interaction as well as the visit of the Japanese delegation in connection with the DMIC has been organised by the Department of Industrial Policy & Promotion (DIPP) Ministry of Commerce and Industry; Ministry of Economy, Trade & Industry (METI) of Japan in association with the Confederation of Indian Industry (CII) and the Japan External Trade Organisation (JETRO).

Mr. Amari, accompanied by a delegation of Japanese business executives of around 15 leading Japanese companies headed by Mr. Osama Suzuki, Chairman of Suzuki Motor Corporation/Japan, is currently on a visit to India to participate in discussions relating to the "Delhi Mumbai Industrial Corridor" and the meeting of the "Second Japan-India Energy Dialogue" between the two countries.

Mr. Amari had a bilateral interaction with Shri Kamal Nath this evening. Mr. Shigeyuki Tomita, Senior Vice Minister of Finance of Japan, also called on Shri Kamal Nath later today.

Source : Press Information Bureau

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