The department of industrial policy and promotion (DIPP) has decided to move the Cabinet to get the final nod for the the planned Delhi-Mumbai Industrial Corridor (DMIC). The R18,500-crore project would create seven new cities in the first phase. The DIPP has already received the approval from other related ministries like water resources, urban development, railways for the project and is awaiting the response of the finance ministry.
According to official sources, each city needs an investment of R2,500 crore, adding up to an investment of R17,500 crore. Another R1,000 crore will be required for the preliminary project development.
The required funds will be raised both through debt and equity. The DMIC is being developed on the public-private partnership model with the government partnering with IL&FS and the IDFC.
The DMIC was conceived in 2006 and is expected to build internal roads, solid waste disposal, flood management, storm water and sewerage system, bus and rail-based public transportation system and landscaping.
The project covering Uttar Pradesh, Haryana, Rajasthan, Gujarat, Maharashtra and Madhya Pradesh in collaboration with Japan as a manufacturing and trading hub, is expected to see first seven cities which will come up along Delhi-Mumbai Dedicated Rail Freight Corridor.
Apart from this, the new cities and sub-cities will be developed around the industrial nodes of Kushkhera-Bhiwadi-Neemrana in Rajasthan, Dadri-Noida- Ghaziabad in Uttar Pradesh, Bharuch-Dahej in Gujarat, Igatpuri-Nashik-Sinnar in Maharashtra and Pitampura-Dhar-Mhow in Madhya Pradesh.
After these seven cities the next phase will develop 17 more cities which are planned to be developed on a similar pattern.