The Commerce and Industry Ministry to soon approach cabinet for NICDA

By: |
New Delhi | May 30, 2016 6:40 PM

The Commerce and Industry Ministry would soon approach the cabinet for setting up of the National Industrial Corridor Development Authority (NICDA), which would facilitate setting up of industrial corridors.

Nirmala Sitharaman, UK- India Relation, UK- India Relation VisaSpeaking at the media briefing, Commerce and Industry Minister Nirmala Sitharaman said that VCIC will be further extended down to Tuticorin in Tamil Nadu. (PTI)

The Commerce and Industry Ministry would soon approach the cabinet for setting up of the National Industrial Corridor Development Authority (NICDA), which would facilitate setting up of industrial corridors.

“Government is going to set up NICDA and we will soon approach the cabinet for this,” Secretary in the Department of Industrial Policy and Promotion (DIPP) Ramesh Abhishek told reporters here.

He said that there would be different verticals in this authority which would look into the new proposals of industrial corridors.

The authority will carry out project development activities, appraise and sanction projects, implement and coordinate all central efforts for industrial corridor development.

Informing about the progress of different industrial corridors in the country, Abhishek said that about Rs 8,000 crore worth of project have been approved in the Delhi-Mumbai Industrial Corridor.

Work is also in progress for other four corridors including Bengaluru- Mumbai Economic Corridor;

Chennai – Bengaluru Industrial Corridor; Visakhapatnam-Chennai Industrial Corridor (VCIC) and Amritsar-Kolkata Industrial Corridor (AKIC).

Speaking at the media briefing, Commerce and Industry Minister Nirmala Sitharaman said that VCIC will be further extended down to Tuticorin in Tamil Nadu.

She also said that the ministry is looking into the request of Oil Minister Dharmendra Pradhan for extending the VCIC in Orissa.

Do you know What is Cash Reserve Ratio (CRR), Finance Bill, Fiscal Policy in India, Expenditure Budget, Customs Duty? FE Knowledge Desk explains each of these and more in detail at Financial Express Explained. Also get Live BSE/NSE Stock Prices, latest NAV of Mutual Funds, Best equity funds, Top Gainers, Top Losers on Financial Express. Don’t forget to try our free Income Tax Calculator tool.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Another GST racket busted: CGST officials unearth fake input tax credit bills worth Rs 1,278 crore
2Bane turns boon: Rural income boost marginal, but some states to gain
3Cutting back: Budget spend down 26% in September