The upcoming Vizag-Chennai Industrial Corridor (VCIC) will be important for Government’s ‘Make In India’ initiative to attract foreign funds and boost manufacturing, Asian Development Bank said today.
“VCIC will also be an important component of the government’s Make in India campaign to attract foreign investors and encourage the creation of manufacturing hubs in the country”, Asian Development Bank (ADB) said in a summary of a publication.
The VCIC will be India’s first coastal economic corridor.
Spanning over more than 800 kilometers of India’s eastern coastline, the VCIC is part of India’s East Coast Economic Corridor.
It can help unify the country’s domestic market, integrate its economy with Asia’s global value chains, and support the Make In India initiative to spur manufacturing, ADB said.
“The new industrial corridor is expected to spur growth by augmenting existing investment in world-class transport networks, infrastructure, and industrial and urban clusters that are supported by a robust institutional framework and a competitive business environment”, said the Manila based multi-lateral funding agency.
“As a coastal corridor, VCIC can provide multiple access points to international gateways.”
Greater connectivity and economic integration between South Asia and the rest of Asia is likely to contribute significantly to development and foster regional cooperation as well, it added.
ADB and the Government are working together to draw up a master plan for the VCIC.
ADB’s assistance in supporting preparation and implementation of the comprehensive integrated master plan for the VCIC aims to help improve the readiness of government agencies working in the development of corridor.