National Industrial Corridor Development & Implementation Trust (NICDIT)

• The Union Cabinet approved the expansion of the mandate of Delhi Mumbai Industrial Corridor Project Implementation Trust Fund (DMIC-PITF Trust).
• It is now re-designated as National Industrial Corridor Development & Implementation Trust (NICDIT) for integrated development of all industrial corridors with permission to utilise financial assistance already sanctioned and sanction of an additional amount of Rs 1584 crore, up to March 31, 2022.
• The five industrial corridors at present cover the states of Punjab, Haryana, Uttar Pradesh, Uttarakhand, Bihar, Jharkhand, West Bengal, Madhya Pradesh, Rajasthan, Gujarat, Maharashtra, Karnataka, Andhra Pradesh and Tamil Nadu.
• These Five corridors are - Delhi Mumbai Industrial Corridor (DMIC), Chennai-Bengaluru Industrial Corridor (CBIC), Amritsar Kolkata Industrial Corridor (AKIG), Bengaluru- Mumbai Economic Corridor (BMEC) and Vizag-Chennai Industrial Corridor (VCIC) -- have been planned for development by Government of India.
• This strategy has been adopted by centre in order to accelerate the growth in manufacturing and for ensuring scientifically planned urbanisation.

About National Industrial Corridor Development & Implementation Trust (NICDIT):

• NICDIT would be an apex body under the administrative control of DIPP(Department of Industrial Policy & Promotion) for coordinated and unified development of all the industrial corridors in the country, will channelize  Government of India’s funds as well as institutional funds while ensuring that the various corridors are properly planned and implemented keeping in view the broad national perspectives regarding industrial and city development, and will support project development activities, appraise, approve and sanction projects.
• It will coordinate all central efforts for the development of industrial corridor projects and will monitor their implementation.
• DMICDC (Delhi Mumbai Industrial Corridor Development Corporation Limited) will function as a knowledge partner to NICDIT in respect of all the industrial corridors in addition to its present DMIC work.
• An Apex Monitoring Authority under the chairpersonship of the Finance Minister will be constituted to periodically review the activities of NICDIT and progress of the projects. It will consist of Minister-in-charge of Ministry 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.
• The Board of Trustees of NICDIT will consist of (i) Chairperson - Secretary, DIPP, (ii) Secretary, Department of Expenditure, (iii) Secretary, Department of Economic Affairs, (iv) Secretary, Road Transport & Highways,  (v) Secretary, Shipping (vi) Chairman, Railway Board, (vii) CEO, NITI Aayog, and (viii) Member Secretary, who will act as full time CEO of NICDIT. CEO, DMICDC will also function as Member Secretary/ CEO of the NICDIT

Analysis:

• The formation of the NICDIT will enable development and implementation of industrial corridor projects across India by bringing in holistic planning and development approach and sharing the learning from development of industrial corridors, which will enable innovation in areas such as planning, design development and funding of such projects.
• It will help enhance the share of manufacturing in the country, attract investment in manufacturing and service industry sectors, which will have a catalytic effect on up-gradation and development of skills of the workforce and generation of employment opportunities
• NICSIT will channelise Government of India funds as well as institutional funds while ensuring that the various corridors are properly planned and implemented keeping in view the broad national perspectives regarding industrial and city development, and will support project development activities, appraise, approve and sanction projects.

By: Vishal